CAPE TOWN, South Africa, November 11, 2021 / APO Group / –
Equatorial Guinea was in the spotlight on the third day of African Energy Week, the largest energy event in sub-Saharan Africa, as the country asserts itself as a leader among African oil producers in the world. development of a capable and well-established indigenous oil and gas service industry. .
With international actors already having a notable presence in the country, Equatorial Guinea has shifted its focus to strengthening its domestic oil and gas companies, calling for increased collaboration with international companies to help increase capacity.
The positive impact of these efforts was the subject of the debate held during a spotlight session on Equatorial Guinea which examined how the country is using local content and international collaboration as a catalyst for sustained growth for the industry. , positioning the sector as a world-class player. Marlet. Panelists included HE Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons, Equatorial Guinea; Samuel Diminas, COO, Bay Matrix; John Hamilton, CEO, Panoro Energy ASA; Lloyd Manokore, consultant, LMA Services; Ian Cloke, COO, Afentra; and Mónica M. Bennett, senior director of international client development, Southern Alberta Institute of Technology.
During the spotlight session, speakers discussed the long-term impact of COVID-19 on local content and capacity building in Equatorial Guinea, drawing attention to how the pandemic has served and continues to serve as an opportunity for better development of local content.
“We are extremely satisfied because just with our staff we were able not only to maintain production, but also to increase production. Equatorial Guinea has already gone through the first phase of the oil and gas industry: convincing investors that there is oil and gas in the country; have institutions and ministries to understand how this industry works; and have the capacity to do so, ”said HE Gabriel Lima.
“The consequences of the energy transition are that it accelerates the trend of divestment from large international oil companies, allowing local companies to take over. We have this situation where the big oil companies are divesting themselves. It’s a real challenge and an incredible opportunity for local businesses, ”said Hamilton.
“Last year when COVID-19 hit we were to shut down for 6 weeks, but in the oil and gas industry you saw production increase. In the future, you don’t need a lot of expats on the plane, you have a lot of good workers here. The energy transition is a journey, and it will take some time, taking different rhythms. Europe tries to run before it can walk. From an African perspective, local businesses can learn from mistakes made elsewhere. Africa is incredibly innovative. We call it the industrial transition. it is not something we should be afraid of. We look at Africa and see opportunities. You can generate value for hospitality businesses and create jobs, ”Cloke said.
Meanwhile, Equatorial Guinea strongly believes in the value of local content and calls on international actors to step up their capacity building and skills transfer in the country. With significant experience, technical know-how and a skilled workforce, global energy players have established themselves as the best partners of indigenous companies in Equatorial Guinea. As a result, the speakers discussed opportunities for public-private collaboration to foster skills building and knowledge transfer as well as the local content law that is in place.
“We have a lot of people who are well trained in economic training. So many people have international degrees. The problem is that to develop a high-level industry, you need experience. Today we have a global pool. If you are looking for an engineer, you will be looking for the best person in the world. Entrepreneurs in Equatorial Guinea do not have the level of expertise. So we need more opportunities and collaboration with the public and the service providers to sort out the continuing opportunities, ”said Diminas.
“We worked with the ministry, and it was a great example of cross-sector collaboration. It is essential that industry and the ministry are involved in selecting the right programs to be implemented in the country. Equatorial Guinea has adopted an excellent approach by having its own institution and addressing international institutions for knowledge transfer. I’ve seen a lot of countries send people overseas, but you also need to build capacity and they’ve gone to great lengths to do that, ”Bennett said.
“I think it’s one of the best local content laws on the continent. Without the law, we wouldn’t have what we have today, ”said Manokore.
Equatorial Guinea is quickly becoming an African leader in the monetization and use of gas. During the round table, HE Gabriel Lima presented key information on the country’s new hydrocarbon law.
“The change in the law will allow us to have more clarity within the oil and gas industry. One of the main things is having clarity on the gas. Our real transition is to shift priorities from oil to gas, ”said SE Lima.
According to SE Lima, various elements have been addressed in the law, including LNG identified as the solution to create more jobs and add value to the industry, clarification of local content, discussion of tax incentives, l ‘abandonment of oil fields, transfer of assets, revitalize operations and, in particular, link the mining sector to the oil sector – which is seen as an essential part of the transformation towards phase two – stimulate investment.
Equatorial Guinea is making considerable efforts to improve local content, with local capacity seen as a catalyst for increased growth in the socio-economic and energy sector. The law on local content, coupled with the new hydrocarbons code, will only further accelerate capacity building in the country.
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