Equatorial Guinea has submitted its offer to become the 14th member of the Organization of Petroleum Exporting Countries (OPEC) in 2017.
Equatorial Guinea Ministry of Mines and Hydrocarbons said on Monday that Minister Gabriel Mbaga Obiang traveled to Vienna on January 20 to meet with OPEC officials and present the Government’s offer to become the 14th member of the cartel.
With 32.5 million barrels of projected output per day in 2017, OPEC is the world’s largest organization of oil producers.
The Minister’s trip to Vienna follows the Fourth Africa-Arab Summit, which was held last November, with several OPEC members participating, in the capital of Equatorial Guinea, Malabo, under the patronage of President Obiang Nguema Mbasogo.
Minister Obiang said: “For decades, Equatorial Guinea has achieved a sterling track record as a dependable supplier of petroleum to consumers in all corners of the world. We firmly believe that Equatorial Guinea’s interests are fully aligned with those of OPEC in serving the best interests of the industry, Africa, and the global economy.”
On December 10, 2016, Equatorial Guinea joined ten other non-OPEC countries in a move to reduce 558,000 barrels per day of total oil production in 2017 in accord with output cuts agreed by OPEC on November 30. The country’s share of the cut is 12,000 barrels per day.
“There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel. Equatorial Guinea is doing its part to ensure stability in the market and that the industry continues to invest in exploring and developing our resources,” added Obiang.
Equatorial Guinea is the third-largest oil and gas producer in sub-Saharan Africa. Its $10.6 billion of annual oil and gas exports account for 95 percent of the country’s total exports, with shipments sold every day to China, India, Japan, Korea, and other countries.
The country has remained committed to investing in the entire energy supply chain through projects like the Bioko Oil Terminal, the Fortuna Floating Liquefied Natural Gas project, the Riaba Fertilizers plant, compressed natural gas, and LNG.
Equatorial Guinea is currently hosting its latest oil and gas licensing round, EG Ronda, putting on offer all of its available acreage. There have been 114 oil and gas discoveries in the country to date with a drilling success rate of 42 percent.