Spearheading Equatorial Guinea’s Sustainable Oil Expansion: GEPetrol to Participate at AEW 2023 as Silver Sponsor

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  • Spearheading Equatorial Guinea’s Sustainable Oil Expansion: GEPetrol to Participate at AEW 2023 as Silver Sponsor

Equatorial Guinea’s National Oil Company GEPetrol will showcase investment opportunities available across the country’s entire oil value chain as a Silver Sponsor at African Energy Week 2023 in Cape Town.

Equatorial Guinea’s energy sector is continuously growing, owing largely to efforts by the National Oil Company (NOC) GEPetrol to unlock sustainable investment opportunities for global players. Through the integration of low-carbon technologies and sustainable business practices, the NOC aims to drive the next wave of energy security in West Africa on the back of Equatoguinean oil.

The African Energy Chamber (AEC) – the voice of the African energy sector – is proud to announce the participation of GEPetrol at the African Energy Week (AEW) 2023 conference. Taking place from October 16-20 in Cape Town, GEPetrol has joined the prominent platform as a Silver Sponsor, underscoring the NOCs commitment to collaboration, partnership and investment.

As the custodian of Equatorial Guinea’s extensive oil reserves, estimated at 1.1 billion barrels, and entrusted with the task of fostering sustainable development while contributing to regional energy security, GEPetrol’s presence at AEW 2023 is eagerly anticipated. The participation of the NOC will serve to highlight the investment and partnership prospects within the country’s rapidly growing oil sector, laying the foundation for new deals and developments to kick off.

At the event, GEPetrol’s delegation, led by Managing Director Teresa Isabel Nnang Avomo, will lead insightful discussions on Equatorial Guinea’s strategic positioning in the global oil market, the promotion of local content development, and the pivotal role of Africa’s hydrocarbon resources in fostering sustainable development.

As Equatorial Guinea places a heightened focus on advancing the development and utilization of its oil resources to bolster energy security and drive economic growth, particularly as a member of the Organization of Petroleum Exporting Countries (OPEC), GEPetrol is at the forefront of championing the expansion of the country’s upstream sector. The company is forging new strategic partnerships with global exploration and production firms and investors.

In February 2023, GEPetrol marked significant milestones by signing two Production Sharing Contracts with Canadian oil and gas exploration company Africa Oil Corporation for the development of offshore Blocks EG-18 and EG-31. The agreements represent a combined investment exceeding $7 million, aimed at driving exploration and the development of valuable oil and gas reserves within these blocks, ultimately contributing to bolstering energy resilience on local, regional, and global scale. During the same month, the company inked a deal with London-based international independent Panoro Energy for oil exploration and production works in Block EG-01.

The NOC is also spearheading a series of influential international partnerships, collaborating with industry leaders such as ExxonMobil for the Zafiro and Alba fields and Trident Energy for the Ceiba Field. With interests in both offshore oil and gas blocks, the NOC is committed to fostering integration and development across the country’s hydrocarbon market.

As the energy transition gains prominence and with the central African country placing a renewed focus on eradicating energy poverty through the expansion of its oil industry, GEPetrol has launched an initiative to attract new investors and stakeholders to the burgeoning oil market. Equatorial Guinea’s Ministry of Mines and Hydrocarbons will promote the country’s latest licensing round during AEW 2023, with the NOC engaging with potential investors on the opportunities available in the market. The NOCs Silver Sponsorship at AEW 2023 is poised to facilitate connections between the company and international investors as well as energy firms looking to invest in hydrocarbon-rich African markets that offer promising returns on investment.

“GEPetrol excels in sustainable petroleum resource management and in driving economic diversification and environmental protection in Equatorial Guinea. For decades, the NOC has been a key contributor to local employment and economic growth by fostering industry expansion. Amid the energy renaissance, GEPetrol remains dedicated to fostering a just and inclusive energy transition in Africa,” stated NJ Ayuk, the Executive Chairman of the AEC.

At AEW 2023, GEPetrol will feature in high-level panel discussions, projects presentations, deal-signings and networking functions exploring best practices to facilitate Equatorial Guinea’s oil industry expansion.

AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit https://aecweek.com.