Equatorial Guinea’s energy sector is dominated by oil and gas, but the country is working to diversify through downstream projects, gas monetization, and renewable power. Upstream operations have shifted significantly in recent years, most notably with ExxonMobil’s exit in 2024 and the transfer of the giant Zafiro field to the national oil company, GEPetrol. This marks a move toward greater state control and redevelopment of mature fields. Other international players remain active: Trident Energy has boosted production at the Ceiba and Okume fields, Vaalco is advancing development of the Venus field in Block P, and companies such as Panoro Energy and Africa Oil Corporation have secured new production sharing contracts to expand exploration and production activity.

Gas has become a strategic focus. The Punta Europa LNG plant and associated facilities on Bioko Island form the backbone of the country’s midstream and export capacity. The government is pursuing a “Gas Mega Hub” strategy that seeks to centralize regional gas processing, with projects such as the Alen Gas Monetization Project and potential pipeline linkages to Cameroon and Nigeria. In 2024, Equatorial Guinea signed an agreement with Nigeria to cooperate on a major pipeline project tied to the broader Nigeria–Morocco gas corridor, aimed at supplying Europe.

Downstream, the country is moving to capture more value from its resources. Sonagas and its partners operate the Bioko methanol plant and an LPG facility, while new projects include a planned 20,000-barrel-per-day refinery in Bata and proposals for additional petrochemical plants such as ammonia, urea, and methanol-to-gasoline facilities. These developments are intended to reduce dependence on imports and build a stronger domestic industrial base.

In the power sector, Equatorial Guinea relies on both hydroelectric and thermal generation. The Djibloho dam, commissioned in 2012, added 120 MW of capacity, and the larger Sendje hydroelectric project, designed for 200 MW, is under construction. The national utility SEGESA manages distribution, and renewables—mostly hydro—already make up a notable share of the country’s mix.

Strategically, the country has recently secured an expansion of its offshore territory through a 2025 International Court of Justice ruling that awarded sovereignty over several islands previously disputed with Gabon. This decision could open new offshore exploration opportunities. At the same time, fiscal reforms—such as reduced corporate and dividend taxes—are designed to attract more foreign investment. With these changes, Equatorial Guinea is seeking to maintain oil and gas as the backbone of its economy while broadening its energy base through gas monetization, downstream industrialization, and renewable power development.

Company operational highlights

Chevron

Chevron’s presence in Equatorial Guinea has deepened significantly in recent years through strategic investments in both upstream and gas infrastructure. Initially, Chevron entered the market via its acquisition of Noble Energy, gaining footholds in several key fields. Operating interests in the Aseng oil field and the Yolanda gas field (both within Block 1) and in the Alen gas and condensate field (within Block O) established Chevron’s diversified upstream footprint. In the Douala Basin, Chevron holds an 80 percent working interest in Block EG-09, with GEPetrol owning the remaining 20 percent—strengthening its strategic position in offshore exploration and production. Additionally, Chevron maintains minority, non-operated stakes in the Alba gas and condensate field, the Alba LPG Plant, and the Atlantic Methanol Production Company, expanding its presence across the midstream value chain.

A cornerstone achievement was the successful launch of the Alen Gas Monetization Project in early 2021. Through this initiative, Noble Energy EG Ltd. (Chevron’s Equatorial Guinea affiliate) achieved first gas, routing production via a 70-km pipeline with capacity to handle 950 million cubic feet per day. Gas from the Alen field is processed through existing onshore facilities including the Alba processing complex and the LNG plant at Punta Europa, marking a critical step toward realizing the long-envisioned Equatorial Guinea Gas Mega Hub.

Chevron’s commitment to revitalizing offshore exploration culminated in June 2024 with the signing of two major production sharing contracts (PSCs) with GEPetrol and the Ministry of Mines and Hydrocarbons for Blocks EG-06 and EG-11. These formerly ExxonMobil-held deepwater blocks lie adjacent to Block B, which contains the prolific Zafiro oil field. Block EG-06 includes the Avestruz-1 oil discovery from 2017, while Block EG-11 covers approximately 1,242 km² in water depths ranging from 400 to 2,800 feet. The $2 billion PSCs lay out comprehensive development plans including minimum investment requirements, exploration programs, sustainable development provisions, and benefits for the state. These agreements mark a major push to halt the long-term decline in production and spearhead a renewal of Equatorial Guinea’s offshore sector.

ConocoPhillips

ConocoPhillips has established a significant presence in Equatorial Guinea, primarily through its operations in the Alba Unit, which comprises both the Alba and Block D production sharing contracts located offshore. These activities span exploration, development, and production and are key components of the company’s broader strategy in the region.

A major milestone occurred in 2024 when ConocoPhillips acquired Marathon Oil, thereby deepening its involvement in Equatorial Guinea’s oil and gas landscape. As a result of this acquisition, ConocoPhillips assumed Marathon’s stake in the Alba Unit, gaining access to both gas and liquids development opportunities.

The company further strengthened its footprint through strategic investments in gas monetization infrastructure. It holds a 52.2 percent interest in Alba Plant LLC, a joint venture with Chevron (27.8 percent) and the national oil company SONAGAS (20 percent). This venture operates an LPG processing facility that extracts condensate and LPG from gas produced by the Alba Unit and sends the processed gas to the EG LNG facility.

ConocoPhillips also owns a 56 percent stake in EG LNG, alongside partners SONAGAS (37.9 percent) and Marubeni Gas Development UK (6.1 percent). EG LNG operates a liquefaction facility on Bioko Island with a capacity of 3.7 million tonnes per annum (MTPA). Since January 2024, ConocoPhillips has been benefiting from a five-year LNG sales agreement for a portion of its equity gas from the Alba Unit, providing direct exposure to the global LNG market.

Upstream and midstream investments have already borne fruit. In June 2025, ConocoPhillips transported its inaugural LNG cargo from the Punta Europa terminal. Loading began on 6 June and concluded by 9 June 2025, marking a pivotal moment in the company’s integration into Equatorial Guinea’s Gas Mega Hub initiative—which seeks to capitalize on existing infrastructure to develop a regional gas export and processing center.

By merging Marathon Oil's legacy operations with its own upstream and midstream assets, ConocoPhillips is firmly positioned as a central player in Equatorial Guinea’s evolving energy landscape. Their integrated approach—from offshore production through gas processing to LNG export—demonstrates a strategic commitment to both regional development and global energy markets.

Europa Oil & Gas

Map source: KeyFacts Energy

Europa Oil & Gas (EOG) entered the Equatorial Guinea arena at the end of 2023. Through a £3 million cash subscription, Europa acquired a 42.9 percent equity stake in Antler Global, the company holding an 80 percent working interest in the offshore EG-08 Production Sharing Contract (PSC), with GEPetrol, the national oil company, retaining 20 percent.

EG-08 lies in the Douala Basin and includes three seismic-defined, drill-ready prospects initially estimated to hold 1.4 trillion cubic feet equivalent (TCFe) of gas and liquids with a high probability of commercial success, reportedly over 60–70 percent per prospect and an overall success chance exceeding 90 percent. By mid-2024, further seismic evaluation elevated the gross unrisked mean prospective resource to approximately 2.116 TCFe, of which Europa’s net share is around 34 percent.

By the end of 2024, Europa, via Antler, had initiated a farm-out process, generating substantial industry interest.

GEPetrol

GEPetrol, established by presidential decree in the early 2000s as the national oil company of Equatorial Guinea, was created to manage the state's interests in upstream and downstream petroleum activities—from managing concession participations to overseeing refining, storage, distribution, and supporting local talent development and content growth.

Following ExxonMobil’s exit in mid-2024 and the expiration of its production sharing contract, GEPetrol stepped into the role of operator for Block B, which encompasses the long-producing Zafiro field—an oil asset that had been active since the mid-1990s. To reignite production, GEPetrol launched a bold multi-phase revitalization. The first phase, scheduled for early 2025, focuses on reconnecting select wells to the Zafiro Producer floating production unit (FPU), following a production halt caused by water ingress in 2022. Simultaneously, cost and production optimizations are underway. The third phase, slated to start in 2025, contemplates a full field redevelopment plan.

Critical to this effort is a five-year, US$350 million technical services agreement awarded to Petrofac, which covers support across onshore bases, FPSO services, and platform operations—utilizing local workforce and infrastructure to maintain continuity while modernizing capabilities.

Beyond the Zafiro field, GEPetrol is advancing its upstream portfolio through several strategic partnerships and PSCs. In June 2024, it signed new production sharing contracts with Chevron for the offshore deepwater Blocks EG-06 and EG-11, adjacent to Block B. These agreements include commitments on minimum investment, exploration programs, and sustainability provisions—all aimed at rejuvenating Equatorial Guinea’s offshore exploration and production landscape.

In parallel, GEPetrol partnered with Panoro Energy on Block EG-23, located north of Bioko Island. Under the PSC, Panoro holds an 80 percent operator’s interest, with GEPetrol retaining 20 percent. The block is believed to hold approximately 104 million barrels of oil plus condensate, along with 215 billion cubic feet of gas. The initial term focuses on subsurface evaluation, with an option to extend for exploration drilling.

Kosmos Energy

Map source: Kosmos Energy

Kosmos Energy established its presence offshore Equatorial Guinea around October 2017 by acquiring key producing assets in the Rio Muni Basin: the Ceiba Field and Okume Complex. These assets were previously operated by Hess Corporation, and through the acquisition, Kosmos assumed operatorship and a significant interest, while Tullow Oil and GEPetrol retained minority stakes. This move marked Kosmos as the leading producer in that region and positioned it strongly within the country’s upstream sector.

In parallel, Kosmos also secured three new exploration blocks—EG-21, S, and W—under production sharing contracts signed with the Ministry of Mines and Hydrocarbons and GEPetrol, marking its first major foray into exploration in Equatorial Guinea. Each block was structured with an 80/20 split between Kosmos and GEPetrol, respectively, and included staged exploration commitments such as an initial seismic acquisition phase, followed by drilling and optional extensions.

Kosmos has continued to refine its portfolio. In Block S, it entered the second exploration phase around December 2022 and subsequently farmed down 6 percentage points to Panoro Energy in 2023—leaving it with a 34 percent interest while GEPetrol holds a carried 20 percent stake during exploration, transitioning to a full participating interest in the event of a commercial success.

From an operational standpoint, Kosmos has pursued infrastructure-led development, focusing on optimizing production from Ceiba and Okume through infill drilling and workover campaigns. In 2024, the Noble Venturer rig arrived to support this campaign and to drill the Akeng Deep ILX prospect. Although production enhancements added output, the Akeng Deep well encountered hydrocarbons but was deemed sub-commercial, leading to its plugging and abandonment.

Kosmos’s production in Equatorial Guinea steadily increased through 2024, averaging around 24,400 barrels of oil per day (bopd) gross and 8,400 bopd net in Q1, rising to about 24,200 bopd gross and 8,500 bopd net in Q2. By Q3, output reached approximately 22,900 bopd gross and 8,000 bopd net. In Q4, after completion of the drilling campaign, production climbed to around 28,500 bopd gross and 10,000 bopd net.

Meren

Map source: Meren

Meren Energy, formerly known as Africa Oil Corp., rebranded after completing a significant consolidation of Prime Oil & Gas in early 2025, effectively doubling its reserves and production. This transaction not only strengthened the company’s financial profile but also positioned it as a full-cycle independent upstream operator with a notable presence in offshore Equatorial Guinea alongside assets in Nigeria, Namibia, and South Africa.

In Equatorial Guinea, Meren entered two offshore production sharing contracts in February 2023 for Blocks EG-18 and EG-31, each carrying an 80 percent operated interest while GEPetrol holds the remaining 20 percent and remains carried through the exploration phase, with the option to increase its interest by an additional 15 percent.

On EG-31, exploration efforts have identified several gas-prone targets in shallow waters—less than 80 meters deep—strategically located near existing infrastructure such as Chevron’s Alba gas field and the onshore Punta Europa LNG terminal, offering potential for early tie-back opportunities. On EG-18, geological evaluation has revealed a potentially large basin-floor fan prospect of Cretaceous age, which aligns with similar plays in Meren’s broader Atlantic Margin portfolio.

During 2023, Meren proceeded with geophysical and subsurface interpretation for both blocks, refining prospect identification and prioritizing a drilling target on the shallower EG-31 license, with the aim of farming down a portion of its stake during 2024. By the end of 2024, the company had secured a one-year extension for both exploration sub-periods and a contract amendment for EG-31 to provide added flexibility in its technical and commercial planning.

In 2025, Meren launched an active farm-out process aimed at bringing in partners for these two blocks. Data rooms were opened to prospective investors and Meren aspired to conclude this phase by the end of the third quarter of 2025, enabling possible exploration drilling as early as late 2026 or in 2027, subject to securing favourable terms and obtaining regulatory consents.

Panoro Energy

Map source: Panoro Energy

Panoro Energy has strategically expanded its Equatorial Guinea portfolio around an infrastructure-led exploration model that capitalizes on near-field potential.

Its presence in the country was significantly boosted in 2022 when Panoro agreed to farm into Block S—offered by Kosmos Energy—acquiring a 12 percent non-operated interest by purchasing 6 percent from both Kosmos and Trident Energy. These moves gave Panoro exposure to proven geological play elements located near the producing Ceiba Field and Okume Complex—critical infrastructure already generating production for Panoro and partners. An exploration well targeting the Akeng Deep prospect was planned for 2024, and early indications suggested gross unrisked prospective resources of around 180 million barrels could be within reach via tie-backs to existing facilities.

Building on that foundation, in early 2023 Panoro was awarded Block EG-01 under a Production Sharing Contract, giving it a 56 percent operated interest alongside Kosmos Energy and GEPetrol. This block lies adjacent to Block G (including Ceiba and Okume) and Block S, providing geologic continuity. During the initial three-year period, Panoro and its partners will carry out subsurface studies using existing seismic data, with the option to drill one well during a possible extension period.

In April 2024, Panoro agreed Heads of Terms with Equatorial Guinea’s government on key terms for Block EG-23—another offshore block located north of Bioko Island and adjacent to the producing Alba gas and condensate field. Finalized in November 2024, the PSC for EG-23 grants Panoro an 80 percent operated interest (with GEPetrol holding the remainder) over approximately 600 km² in 50–100 m water depths. The block has already seen nineteen wells drilled and seven hydrocarbon discoveries (four oil, two gas, and one gas-condensate), some of which have been tested. Initial work will emphasize reprocessing seismic data to upgrade lead maturity toward potential drilling.

By late 2024, Panoro had also advanced production and exploration activities. The company brought online an infill well at the Ceiba field and another at the Okume Complex. Simultaneously, exploration drilling got underway at the Akeng Deep prospect within Block S. The signing of the PSC for EG-23 further solidified Panoro’s growth path in Equatorial Guinea.

RoyalGate Energy

RoyalGate Energy made its formal entry into Equatorial Guinea’s energy sector in April 2013, when it signed production sharing agreements (PSCs) for both Block Y and Block Z with the Ministry of Mines, Industry and Energy. This early move placed both blocks at the core of the company’s West African strategy, alongside operations in Ghana and Angola. RoyalGate envisions developing stranded gas assets in Block Z, while exploring the promising acreage of Block Y. Through partnerships with GEPetrol and other private-sector players, the company embarked on an exploration agenda aimed at unlocking the blocks’ potential.

RoyalGate had planned to kick off drilling with the Z-1 well targeting the Tulip Upper Isongo and Tulip Massive Isongo zones in the first quarter of 2016. The well’s location was chosen based on previous offset wells and gathered seismic, magnetometer, and hazard data.

As market conditions fluctuated, RoyalGate secured extensions on its Block Z license—first around 2019—to allow plans to proceed when oil prices stabilized. Throughout, the company emphasized its intent to continue partnering with the government in developing the block and contributing to Equatorial Guinea’s gas mega hub ambitions.

In early 2025: RoyalGate claimed that despite its valid license extension, the government had effectively reassigned the Block Z areas—now known as EG-18 and EG-31—to Africa Oil (now Meren Energy). Viewing this as a material breach of its PSC rights, RoyalGate initiated formal arbitration proceedings seeking compensation for the unilateral termination of its contract

Sonagas

Since its founding in 2005, Sonagas, known formally as Sociedad Nacional de Gas de Guinea Ecuatorial, has emerged as the national gas company tasked with overseeing the state’s interests across the natural gas value chain, collaborating closely with GEPetrol and EG LNG to manage the country’s fossil fuel resources.

In partnership with Marathon Oil and Noble Energy’s Samadan subsidiary, Sonagas holds a minority equity stake—roughly 10%—in the Bioko Methanol Plant, also known as the Atlantic Methanol Production Company (AMPCO), which produces approximately 19,000 barrels of methanol per day. It also shares a similar stake in the Punta Europa LPG facility, jointly operated with Marathon and Samadan, delivering some 20,000 barrels per day of liquefied petroleum gas.

Equally significant is Sonagas’s role within the Equatorial Guinea Liquified Natural Gas plant (EG LNG). Here, the company holds an approximately 25% interest in Train 1, which began operations in 2007, with Marathon, Mitsui, and Marubeni comprising the other partners. As of that period, Train 1 maintained a capacity output of around 3.4 million metric tonnes per annum, handling four LNG cargoes monthly, although actual feed gas volumes permitted production above design capacity—close to five cargoes per month.

Beyond its traditional midstream activities, Sonagas has stepped into infrastructure and strategic development. In November 2023, the company teamed up with Chinese firm Wison to launch a feasibility study for a floating gas production and processing vessel targeted at the Ebano Field in Block EG-27, which holds estimated gas volumes of up to five trillion cubic feet.

Looking forward, Sonagas is advancing an ambitious domestic and export-oriented pipeline. It plans to develop a second LNG train on Bioko Island with an anticipated capacity of 4.4 million tonnes per annum, to expand LNG exports. Parallel to that, it is pursuing gas-to-power initiatives across the country, seeking to enhance LPG production and distribution regionally.

In transportation, Sonagas is rolling out nationwide compressed natural gas (CNG) infrastructure and services following a 2022 initiative with TAQA Arabia. The effort began with the delivery of five CNG-powered vehicles and includes the development of a CNG refueling station at Punta Europa.

Sonagas also takes an active role in steering the country’s gas commercialization journey at major international conferences. Its General Director, Segismundo Nguema Nsue, is slated to speak at the upcoming African Energy Week 2024 in Cape Town to spotlight investment opportunities and share insights into the evolving gas landscape of Equatorial Guinea. Additionally, Sonagas participated in CERAWeek 2025 in Houston, reinforcing its commitment to energy transition and energy diversification through global partnerships.

Trident Energy

Since 2017, Trident Energy has established a meaningful and dynamic presence in Equatorial Guinea by acquiring and operating the Ceiba Field and Okume Complex, collectively known as Block G. This acquisition, made in partnership with Kosmos Energy and others, marked Trident’s entry into the region and helped revitalize mid-life offshore assets inherited from Hess Corporation.

From the outset, the company focused on enhancing production by deploying innovative solutions. Within months of takeover, oil output rose by 24 percent, driven by targeted surface and subsurface optimization, including the introduction of electrical submersible pumps (ESPs) and recommencement of well workovers.

A pivotal milestone came in 2022 when the Production Sharing Contract for Block G was extended until December 31, 2040, providing the stability needed for long-term planning. With the renewed license in hand, Trident initiated a substantial drilling campaign aimed at unlocking new reserves and sustaining production growth.

That same year, Trident completed a comprehensive upgrade of Okume’s infrastructure—transforming 15 gas-lift wells into ESP-powered ones. They reinforced central processing facilities, added power turbines, and upgraded subsea power connections through hundreds of fiber optics and topside cables. This $57 million investment significantly enhanced production efficiency and capacity.

Trident has also taken steps to improve reservoir understanding through seismic monitoring. In early 2020, they launched a 4D seismic acquisition program across Block G, enabling them to track fluid movement and optimize reservoir management for future drilling.

Starting in late 2023 and into 2024, Trident intensified production through a well-orchestrated infill drilling program. The Noble Venturer drill ship was contracted to drill multiple wells, including the now-productive C-45 in the Ceiba Field, which has exceeded 5,000 barrels per day and will ramp up further. A second well, OF-19 at Okume, has also been drilled and is expected to be brought online soon.

Operationally, 2024 also brought a high-performing deepwater well, C-45, delivering peak rates above 7,000 bopd. Trident continues infill and near-field drilling efforts to maintain production momentum.

On the exploration frontier, Trident holds a non-operated 34 percent interest in Block S. It has supported wells like the S-5 (Asam) and drilled the S-6 Akeng Deep well in 2024, which encountered hydrocarbons but was deemed sub-commercial.

VAALCO Energy

VAALCO Energy holds a 60 percent working interest and serves as the operator of offshore Block P in Equatorial Guinea, where the Venus field stands out as a major development opportunity. This block also holds additional contingent and prospective resources beyond the Venus discovery, underscoring its strategic potential.

In September 2022, the Government of Equatorial Guinea approved the Plan of Development (POD) for the Venus discovery. VAALCO secured an 80 percent working interest in this development, with GEPetrol carrying a 20 percent interest. The POD outlined a phased development, including drilling of two development wells plus an injector and installation of production facilities, with the first oil expected in mid to late 2026 and estimated gross production around 15,000 barrels of oil per day.

By March 2024, all partners had signed final documentation, and the Joint Operating Agreement (JOA) for Block P was formally approved by the government. This signified a clear green light to move into the Front-End Engineering Design (FEED) phase, aimed at reaching a Final Investment Decision (FID) that would unlock the development of the Venus asset.

Block P is estimated to contain more than 20 million barrels of oil in place, and VAALCO is targeting first production in 2026 with an anticipated production peak around 2028. The PSC provides a 25-year development and production period from the POD approval date.

KeyFacts Energy: Country Profile