The Organization of the Petroleum Exporting Countries (OPEC) has expanded its membership and now comprises 14 countries.
During its meeting in Vienna on Thursday, where it was decided that the previously announced production cuts would continue for nine more months, OPEC also approved Equatorial Guinea’s request to join the Organization with immediate effect. Equatorial Guinea applied for OPEC membership in January.
The Central African oil and gas producer will be Sub-Saharan Africa’s fourth OPEC member.
“Equatorial Guinea’s joining of OPEC is a triumph. This is a proud moment for us,” said H.E. Gabriel Mbaga Obiang Lima. “There has never been a more important time to stand together and it is our honor to stand with OPEC as a positive force in global energy. We will use this platform to advance the interests of all African oil and gas explorers and producers and all OPEC members.
The country’s share of production cuts over the last six months is 12,000 barrels per day, according to the country’s government.
Equatorial Guinea is expected to be the first African nation to develop an offshore field using an FLNG solution – Ophir’s Fortuna FLNG project. The final investment decision is slated for mid-2017.
Offshore Energy Today Staff