Africa

Equatorial Guinea Proposes Restructuring of National Gas Company and National Oil Company with Potential Merger

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Equatorial Guinea Proposes Restructuring of National Gas Company and National Oil Company with Potential Merger

NOCs have a valuable role to play in Africa, and Equatorial Guinea should position this new NOC as both a driving force and a key enabler of oil and gas exploration.

JOHANNESBURG, South Africa, September 24, 2021 / APO Group / –

With the aim of improving national capacities, streamlining processes and positioning public enterprises to better face the challenges encountered in the oil and gas industry, a new law on hydrocarbons will be adopted in Equatorial Guinea.

Recognizing the realities surrounding building a resilient hydrocarbon sector while facing the energy transition, Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons, proposed a restructuring process for the National Oil Company (NOC) in the framework of the reform of the energy sector, whereby GEPetrol and SONAGAS will merge into a single company.

Speaking during the Leadership Insight Series: Equatorial Guinea webinar on Wednesday, September 22, hosted by the Bilateral Chamber in Houston, HE Minister Gabriel Obiang Lima provided an overview of the possible restructuring of the NOC, noting that the ministry is positioning companies public authorities as an engine for the growth of the country’s energy sector. With the emergence of large-scale projects, important new discoveries and important infrastructure developments planned in the sector, the ministry stressed the role that NOCs will play in accelerating progress.

This move is key to increasing exploration and production and making NOC a more integrated energy company that will go beyond its responsibility as manager of state assets. This move is expected to enable the NOC to support major efforts at economic diversification, raise capital to engage in mergers and acquisitions and asset exploitation, while actively stimulating the growth of the energy sector by Equatorial Guinea. According to the Minister, the NOC will be a key player in supporting the development of ESG objectives in Equatorial Guinea that are transparent, objective and accessible to partners of the IOC and other multilateral institutions.

Developing local content and building a workforce that capitalizes on past progress and restoring oil and gas as an attractive destination for young people.

“HE Gabriel Obiang Lima is taking huge steps to advance the country’s oil and gas industry. Having a strong national oil company while developing competitive tax regimes should be done in concert with other measures, such as adjusting local content and labor laws to ensure greater government transparency – whatever can be done to make Equatorial Guinea a more attractive choice for oil and gas companies is welcomed by the House. NOCs have a valuable role to play in Africa, and Equatorial Guinea should position this new NOC as both a driving force and a key enabler of oil and gas exploration, production and development. Now is the time to act. »Léoncio Amada NZE; President of the African Chamber of Energy, CEMAC Zone and CEO of Apex Industries SA

During African Energy Week (AEW) 2021 in Cape Town, special emphasis will be placed on the ongoing regulatory and structural reforms on the continent, with a focus on Equatorial Guinea. Africa is transforming into a highly competitive and growth-oriented energy industry, and there are many lessons to be learned from Equatorial Guinea. Leading an Equatorial Guinean delegation to Cape Town in November, HE Minister Gabriel Lima will lead an in-depth discussion on oil, gas and reform, promoting the country to international stakeholders and accelerating the energy progress of the country. Africa.

AEW 2021, in partnership with the South African Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event. AEW 2021 brings together African energy players with international investors and partners to drive industry growth and development and promote Africa as a destination for energy investments.

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