Equatorial Guinea is preparing to launch a new licensing round in 2025 as part of its strategy to increase exploration and production in the upstream sector. This initiative aims to attract investment, introduce new technologies, and create opportunities for both international and local players in the oil and gas industry.
With production from mature fields declining, the country is seeking to expand exploration activities to secure long-term energy supply and revenue generation. The government expects that a successful licensing round will bring in much-needed capital and strengthen the nation’s position as a key oil and gas producer in Africa.
Government commitment to investment
Minister of Mines and Hydrocarbons, Antonio Oburu Ondo, is leading efforts to attract investment into Equatorial Guinea’s hydrocarbon sector. While specific technical details of the licensing round have not been disclosed, the initiative builds on past successes and aims to unlock the country’s resource potential.
“The importance of exploration cannot be overstated. New licensing rounds are the lifeblood of Africa’s upstream industry, ensuring that production levels remain strong and that new discoveries continue to fuel our economies. Equatorial Guinea’s commitment to advancing exploration is a testament to its strategic vision, and the AEC fully supports these efforts,” states Tomás Gerbasio, VP of Commercial and Strategic Engagement at, African Energy Chamber.
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Previous licensing rounds and industry interest
The last licensing round, held in 2019, offered 27 blocks for exploration and received significant industry interest, with 53 companies participating and 17 bids submitted. The upcoming round will feature blocks including Block H and Block 02, previously operated by Atlas Oranto Petroleum and PanAtlantic Energy (Vanco Energy).
Recent developments in the oil and gas sector
Recent industry developments signal strong momentum in Equatorial Guinea’s upstream sector. In November 2024, Trident Energy announced production success from the C-45 infill well, part of its drilling programme at the Ceiba and Okume Complex in Block G. This initiative added over 5,000 barrels per day to production levels.
In June 2024, Chevron signed new production-sharing contracts (PSCs) for blocks EG-06 and EG-11, reinforcing its investment in the country. Chevron, through its affiliate Noble Energy, is working alongside Marathon Oil on the next phases of the Gas Mega Hub. Phase II will focus on processing gas from the Alba field, while Phase III will integrate gas from the Aseng field.
VAALCO Energy is leading the development of Block P following the finalisation of a PSC in August 2024. These projects contribute to increased production and reinforce Equatorial Guinea’s role in Africa’s energy landscape.
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National Oil Company’s efforts to boost production
GEPetrol, the national oil company, is focusing on revitalising production from the Zafiro field. After assuming operatorship from ExxonMobil in June 2024, GEPetrol initiated a multi-phase development strategy for offshore Block B. Phase 1, scheduled for early 2025, involves reconnecting wells previously tied to the Zafiro Producer floating production unit. Phase 2 will optimise well production and reduce costs, while Phase 3 will oversee a full-scale redevelopment of the field.
To support this effort, GEPetrol awarded Petrofac a five-year, $350 million technical services contract in April 2024. This partnership aims to enhance production across onshore bases, an FPSO, and a platform.
Economic and regional impact
A successful licensing round will create employment opportunities, drive infrastructure development, and strengthen local capacity. It will also position Equatorial Guinea as a regional energy hub, supplying both domestic and international markets.
Equatorial Guinea’s initiative aligns with Africa’s broader strategy to maximise resource value amid evolving global energy policies. By attracting new investments and expanding exploration activities, the country is reinforcing its commitment to energy security, economic diversification, and long-term sustainability.
