Equatorial Guinea: using a growing oil and gas market to strengthen a nation’s economy

The oil and gas production in Equatorial Guinea reached its peak at 425,000 b/d in 2004, and while the nation hasn’t hit the same heights since, the sector still serves as a major contributor to the country’s economy. The oil and gas market has faced several challenges in recent years, including volatile prices, environmental regulations and the pandemic. However, according to research by Macau Business, Equatorial Guinea’s economy was forecasted to grow by 2.8 per cent in 2021, which is mainly due to the increase in oil production. Below, we delve into how the oil and gas market is driving the nation’s economy.

A new era for the oil and gas sector

There’s a new era on the horizon for Equatorial Guinea’s oil and gas market. Despite the eruption of the pandemic, the country has been able to sustain the pace of growth, and Equatorial Guinea has predicted $1.1 billion in foreign direct investment (FDI) and oil and gas activities in 2021. This year, the country has been proactive in ensuring economic growth and providing opportunities for foreign investment. There are several intensive oil projects underway in Equatorial Guinea, including the construction of oil refineries and liquified petroleum gas strategic tanks.

This much investment could likely lead to the addition of new roles to help with the projects, such as engineering jobs, maintenance operators and production operator roles. Above all, the country’s oil and gas sector remains in a strong position, despite the COVID-19 pandemic, which caused significant uncertainty for every industry. The nation is finding plenty of ways to drive positive action. For example, according to Africa News, the nation is set to launch a new report and documentary, which is part of a campaign to help with the post COVID-19 recovery. The report will discuss key findings such as the monetization of regional gas and power industries.

There’s a range of oil and gas projects in Equatorial Guinea that are helping drive the economy and its hydrocarbon resources. As the third-largest producer of oil in Sub-Saharan Africa, Equatorial Guinea relies heavily on its oil and gas projects for increasing state revenue. According to The Maritime Executive, the Ministry of Mines and Hydrocarbons is building a strategy to increase investment in offshore gas resources that are currently underdeveloped. This has paved the way for the development of the Alen Offshore gas platform, known as a ‘mega hub’ – and it’s a project that’s designed to utilize existing gas deposits and further support the oil and gas industry in Equatorial Guinea. Other projects include the Okume upgrade project in Offshore Equatorial Guinea, which is being developed by Kosmos Energy. The project revolves around adding more power, water injection, and gas lift capacity to increase production. There’s no doubt the oil and gas market is positively contributing to Equatorial Guinea’s economy.

We can offer you quality staffing solutions

TRS Staffing is a leading recruiter specializing in oil and gas, engineering, as well as marine and maritime recruitment. We have an excellent team of consultants who have years of experience in hiring the best professionals for roles in the oil and gas sector, and we have a profound understanding of the industry. Our team of Equatorial Guinea specialists can offer guidance and advice across the entire sector, from offshore and onshore to drilling and upstream. TRS Staffing is dedicated to providing a quality recruitment service. If you would like more information about our oil and gas jobs, get in touch with our Equatorial Guinea team. Our consultants will be happy to help you.