Latest news - 28th and 29th April, 2015 - Economic Forum Activities with PRC

PRESS RELEASE

 

Malabo - January 16th , 2015

SIGNATURE OF BLOCK EG-06 PSC


Signature Ceremony of Block EG-06 PSC

L-R: Candido Nsue Okomo – Managing Director, GEPetrol, H.E. Gabriel Mbaga Obiang Lima -
Minister of Mines, Industry and Energy, Pamela Darwin – Regional Vice President Africa,
ExxonMobil Exploration Company.

The Ministry of Mines, Industry and Energy is pleased to announce the signature of a new Production Sharing Contract (PSC) for Block EG-06, offshore Bioko Island, Republic of Equatorial Guinea.

The PSC was signed between the Ministry of Mines, Industry and Energy on behalf of the Government of Equatorial Guinea, ExxonMobil Exploration and Production Equatorial Guinea (Offshore) Limited and GEPetrol, the national oil company of Equatorial Guinea.

Block EG-06 is located offshore Bioko Island, immediately to the north of the Ophir Energy operated Block R and adjacent to the international border with Nigeria. Block EG-06 comprises the area formerly covered by blocks D-8, D-9, C-9, C-10 (part), C-11 (part), B-10 and B-11 (part).

The EG-06 PSC is subject to ratification by the Government of Equatorial Guinea and will not come into effect until ratification is completed.

ExxonMobil has been active in Equatorial Guinea since 1995 and operates and holds a 71.25 per cent interest in Block B, offshore Bioko Island, which contains the giant Zafiro oil field. The National Oil Company of Equatorial Guinea, GEPetrol, holds a 23.75 per cent interest and the State holds the remaining 5 per cent interest in Block B. In December 2014 production from the Zafiro field exceeded 1 billion barrels.

H.E. Gabriel Mbaga Obiang Lima, Minister of Mines, Industry and Energy stated: I am extremely pleased that a major oil company such as ExxonMobil has reaffirmed its confidence in the Equatorial Guinea Oil and Gas sector by signing this new PSC, particularly at a time when oil prices have fallen substantially. We are hopeful that this will signal to the industry at large that Equatorial Guinea is still an attractive area to explore, even within the current lower oil price environment.

 

 

PRESS RELEASE

 

Malabo - April 28th , 2015

SIGNATURE OF AGREEMENTS BETWEEN THE REPUBLIC OF EQUATORIAL GUINEA AND THE PEOPLE’S REPUBLIC OF CHINA IN BEIJING AND COMMENCEMENT OF THE EQUATORIAL GUINEA ECONOMIC FORUM ACTIVITIES
Beijing, PRC

The Republic of Equatorial Guinea has entered into new agreements with the People's Republic of China, further solidifying economic and cooperative ties between the two countries, thus strengthening their political relations with additional technical, financial and political support for the industrialization of the Republic of Equatorial Guinea.

In a ceremony yesterday, the Head of State of the Republic of Equatorial Guinea, H.E. Teodoro Obiang Nguema Mbasogo held audience with the President of the People's Republic of China, Xi Jinping.

The Heads of State discussed important points about the relationship between the two Republics and reached a number of agreements and memoranda of understanding, among these:

 

  1. Cooperation Agreement between the Ministry of Foreign Affairs and International Cooperation of the Republic of Equatorial Guinea with the Ministry of Foreign Affairs of the People's Republic of China, for mutual realization of diplomatic consultations;
  2.  

  3. Commercial Agreement on Economic and Technological Cooperation between the Republic of Equatorial Guinea and the People’s Republic of China for the support of the Telecommunications Infrastructure Manager of Equatorial Guinea (GITGE);
  4.  

  5. Cooperation Agreement for the Constructions of Hospitals and Training of Teachers between the People’s Republic of China and the Republic of Equatorial Guinea;
  6.  

  7. Memorandum of Understanding between the Export-Import Bank of China (EXIM Bank) and the government of the Republic of Equatorial Guinea, represented by the Ministry of Finance and Budget, to establish a line of credit;
  8.  

  9. Macro Strategic Cooperation Agreement between the Government of the Republic of Equatorial Guinea and the China Export & Credit Insurance Corporation (SINOSURE) and the Industrial and Commercial Bank of China.

This event will be followed by a visit by the Head of State, H.E. Obiang Nguema Mbasogo of the city, sub-province of Dalian, where the talks will continue with potential Chinese investors during the celebration of the Equatorial Guinea-Asia Economic Forum that will take place on April 30. In it, a large number of companies interested in investing in the Republic of Equatorial Guinea in various of the country’s economic sectors, will attend to learn about the varied investment opportunity offered by the Republic of Equatorial Guinea.

 

 

 

PRESS RELEASE

Malabo - April 29th , 2015

OFFICIAL DINNER GALA FOR THE ECONOMIC FORUM OF THE REPUBLIC OF EQUATORIAL GUINEA
Dalian, People’s Republic of China

On the evening of April 29 2015, the Government of Equatorial Guinea launched the Equatorial Guinea-Asia Economic Forum, with a gala dinner at the Shangri-La Hotel, in Dalian. The Minister of Mines, Industry and Energy, His Excellency Gabriel Mbaga Obiang Lima, welcomed hundreds of guests to the event held at the prestigious hotel.

The city of Dalian was represented by the Deputy Mayor, Lu Lin, whom during his intervention stated that, “the city of Dalian is an old friend of Equatorial Guinea because as opposed to other Chinese cities, H.E. President Obiang Nguema Mbasogo has honored the city with various visits, demonstrating that Dalian is an important part of the development of his Country.”

Meanwhile, the president of China Dalian International Cooperation Group, Mr. Zhu Mingyi, expressed his thanks to the Government of Equatorial Guinea for its continued support and said, “Our business has been like a seed that has grown and now is strong like a tree. We have earned the trust of the people of Equatorial Guinea and their government.”

The Minister of Mines, Industry and Energy, H.E. Obiang Lima, said he was grateful for the interest shown by the Chinese business sector in learning about economic opportunities to be presented by the Republic of Equatorial Guinea. He stressed, that during the official activities of the Economic Forum, which will begin on April 30, 2015, the Republic of Equatorial Guinea would use the occasion to present all its attractions as a country, as a center for investment, and “as guarantor of a growing economy full of opportunities.” H.E. was confident the Forum would be successful and that it would help pave the way for stronger ties of investment and cooperation between the two countries. "That is why we are proud to have you join us this evening,” H.E. Obiang Lima said, “because we understand that you want to share the dreams of this great family that is the Republic of Equatorial Guinea; being the nerve center of the entire economy of the Sub-Region.”

Additionally, Ministers of the Government of the Republic of Equatorial Guinea, as well as representatives of the government of Dalian, participated. Among the Ministries present were: H.E. Juan Nko Mbula, Minister of Public Works and Infrastructure; H.E. Eucario Bacale Angue and Valentín Ela Maye, Minister and Vice Minister of Economy, Planning and Public Investment, respectively.