What Equatorial Guinea’s year of investment meant for its oil and gas market

In 2020, Equatorial Guinea launched a year-long investment campaign intending to raise further capital for the country’s most lucrative projects. The investment campaign was launched by Equatorial Guinea’s Ministry of Mines and Hydrocarbons (MMH), and several major companies in the US pledged to increase their investment in the campaign. The campaign’s objective was to establish Equatorial Guinea’s position as an international and regional investment hub. While the campaign faced some disruptions due to the pandemic, it still had a huge impact on the oil and gas market.

Year of Investment

As a result of the pandemic, the 2020 Year of Investment campaign was forced to adopt new restrictions, such as zooms calls and webinars, instead of live events. However, the campaign still managed to successfully communicate its targets for 2021, one of which includes investing further in the downstream industries and making advancements in oil refineries. Diversification of the oil and gas downstream has been a major focus and priority for Equatorial Guinea. For example, the completion of the Alen Gas Monetization by Chevron in February 2021 was a significant leap forward in Equatorial Guinea’s oil and gas initiatives. The campaign followed the success of the Year of Energy 2019 initiative, which aimed to position the nation as the capital of energy.

Impact on the oil and gas market

Equatorial Guinea’s investment in the oil and gas downstream sector will be key to creating new jobs and driving growth in the economy. There are plenty of employment opportunities in Equatorial Guinea, such as maintenance operator roles, technician jobs and supervisory positions across the oil and gas sector. However, with new projects and initiatives as a result of the Year of Investment, the country can look forward to a wave of new job opportunities. The campaign was also designed to attract foreign investment that will help boost and diversify the country’s oil and gas sector and ultimately create more jobs.

What’s the future of oil and gas in Equatorial Guinea?

With Equatorial Guinea’s Year of Investment paving the way for more developments and initiatives, the oil and gas sector looks to be in a strong position. According to Africa News, Equatorial Guinea has modelled the success of US investment in gas value chains across Africa – and the continent has become one of the top destinations for foreign investment. Currently, the US represents the largest foreign investor in Equatorial Guinea, and a range of American companies have entered the market. These include Chevron, Kosmos Energy and Noble Energy, all of which have helped finance the country’s mega gas hub project. The future of Equatorial Guinea’s oil and gas sector will likely be defined by its investment. The 2020 Year of Investment has provided the foundation for a range of new initiatives and monetization projects – and foreign investors will play a critical role.

Are you looking for a new oil and gas role?

The future looks bright for Equatorial Guinea’s oil and gas market and at TRS Staffing, we have a range of job opportunities. Our team of specialist consultants have an excellent knowledge of the oil and gas market, and we pride ourselves on building quality relationships with our candidates and clients. We always tailor our recruitment solutions to the needs of our clients, and we’re passionate about the service we deliver. TRS Staffing works with a range of businesses and we’re experts at finding the best talent and supporting professionals who are seeking new roles. Take a look at our oil and gas roles in Equatorial Guinea and contact us today for more information. Also, keep reading our blog for more interesting content.