Equatorial Guinea joins OPEC

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

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation…

read more >

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply