.%20Upon%20receiving%20the%20letter,%20he%20emphasised%20that%20the%20importance%20of%20mitigating%20the%20economic%20and%20business%20impact%20of%20the%20pandemic%20is%20a%20priority%20of%20the%20government%20to%20enable%20the%20oil%20sector%20to%20recover%20and%20to%20protect%20investments.With%20the%20Year%20of%20Investment%202020%20postponed,%20the%20Government%20had%20secured%20interests%20from%20local%20and%20international%20investors,%20while%20other%20projects%20are%20ongoing;%20an%20example%20is%20the%20Algan%20gas%20monetisation%20and%20the%20modular%20refinery.To%20help%20aid%20the%20oil%20market%20and%20stabilise%20the%20market,%20the%20Ministry%20has%20supported%20the%20OPEC+%20production%20cuts%20and%20signed%20an%20extension%20order%20for%20all%20exploration%20blocks.%20Several%20other%20measures%20have%20been%20taken%20to%20tackle%20the%20current%20challenge%20with%20the%20ministry%20constantly%20keeping%20in%20touch%20with%20players%20in%20the%20oil%20industry.Excerpts%20from%20Gabriel%20Mbaga%20Obiang%20Lima's%20submission:em“Covid-19%20is%20a%20major%20concern%20for%20the%20Government%20of%20Equatorial%20Guinea,%20and%20listening%20to%20the%20concerns%20of%20local%20and%20international%20private%20companies%20operating%20in%20the%20country%20is%20for%20us%20a%20way%20to%20ensure%20industry%20growth%20and%20sustainability.”/emem“The%20measures%20we%20have%20put%20in%20place%20will%20support%20all%20citizens%20of%20Equatorial%20Guinea,%20including%20oil%20&%20gas%20companies%20operating%20in%20the%20country.%20Once%20the%20difficult%20times%20are%20over,%20we%20remain%20confident%20that%20oil%20&%20gas%20operators%20and%20all%20of%20the%20people%20of%20Equatorial%20Guinea%20will%20be%20able%20to%20work%20together%20and%20getting%20back%20to%20work%20and%20putting%20the%20economy%20back%20on%20a%20growth%20trajectory.”/emem“It%20is%20important%20that%20we%20plan%20our%20recovery%20efforts%20hand%20in%20hand%20with%20the%20industry%20so%20that%20we%20can%20move%20quickly%20and%20efficiently%20when%20market%20conditions%20stabilize.%20The%20recovery%20of%20the%20oil%20sector%20and%20the%20resumption%20of%20key%20projects%20under%20the%20Year%20of%20Investment%20is%20what%20will%20open%20up%20new%20jobs%20creation%20opportunities%20and%20create%20value%20for%20our%20economy%20and%20our%20investors.”/em){kind=link}
The Ministry of Mines and Hydrocarbons Equatorial Guinea, through the Minister, H.E. Gabriel Mbaga Obiang Lima is continuing to engage with stakeholders in the oil sector amidst the COVID-19 pandemic and the oil market challenges.
The Minister recently met with a delegation from the industry in Malabo. The meeting was held with representatives from ExxonMobil, Marathon Oil Corp, AMPCO, Noble Energy, Trident Energy, EG LNG and Kosmos Energy. Also in attendance was the Director-General of Hydrocarbons, the Director-General of State Companies and the Director-General of National Content, H.E. Santiago Mba Eneme Nsuga.
He applauded the efforts of the companies for their support towards equipping the Baney Epidemiological Laboratory with the necessary equipment for the prevention and containment of the pandemic in the country.
The Minister was presented a letter from the industry addressing the forex regulations imposed by the Bank of Central African States (BEAC). Upon receiving the letter, he emphasised that the importance of mitigating the economic and business impact of the pandemic is a priority of the government to enable the oil sector to recover and to protect investments.
With the Year of Investment 2020 postponed, the Government had secured interests from local and international investors, while other projects are ongoing; an example is the Algan gas monetisation and the modular refinery.
To help aid the oil market and stabilise the market, the Ministry has supported the OPEC+ production cuts and signed an extension order for all exploration blocks. Several other measures have been taken to tackle the current challenge with the ministry constantly keeping in touch with players in the oil industry.
Excerpts from Gabriel Mbaga Obiang Lima’s submission:
“Covid-19 is a major concern for the Government of Equatorial Guinea, and listening to the concerns of local and international private companies operating in the country is for us a way to ensure industry growth and sustainability.”
“The measures we have put in place will support all citizens of Equatorial Guinea, including oil & gas companies operating in the country. Once the difficult times are over, we remain confident that oil & gas operators and all of the people of Equatorial Guinea will be able to work together and getting back to work and putting the economy back on a growth trajectory.”
“It is important that we plan our recovery efforts hand in hand with the industry so that we can move quickly and efficiently when market conditions stabilize. The recovery of the oil sector and the resumption of key projects under the Year of Investment is what will open up new jobs creation opportunities and create value for our economy and our investors.”