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Equatorial Guinea's Key Energy Statistics world rank
Total Primary Energy Production
2016
0.695
Quadrillion Btu
57
Total Primary Energy Consumption
2016
0.055
Quadrillion Btu
147
Total Petroleum and Other Liquids Production
2017
206
Thousand Barrels Per Day
36
Production of Crude Oil including Lease Condensate
2017
188
Thousand Barrels Per Day
36
Crude Oil Proved Reserves
2017
1.1
Billion Barrels
39
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Map of Equatorial Guinea
Map of Equatorial Guinea

Analysis - Energy Sector Highlights Last updated: December 2017

  • Equatorial Guinea's economy relies heavily on its oil and natural gas industry, which accounted for more than 60% of its gross domestic product (GDP), 80% of its fiscal revenue, and 86% of its exports in 2015, according to the latest estimates from the International Monetary Fund’s country reports. In 2015, Equatorial Guinea’s hydrocarbon activity fell by 8.9% and its overall GDP declined by 7.5%. This has placed pressure on the government’s fiscal position, requiring the government to rely on external borrowing and government savings to meet deficit financing needs. Emphasis on the oil and natural gas industries has also led to the lack of development in non-hydrocarbon sectors.
  • Equatorial Guinea became Africa’s sixth member of the Organization of Petroleum Exporting Countries (OPEC) on May 25, 2017. Membership in the group has come at a time where Equatorial Guinea is facing declining oil production and fiscal pressure because of the sustained decline in oil prices.
  • Equatorial Guinea held 1.1 billion barrels of proved crude oil reserves as of January 2017. Production of petroleum and other liquids averaged 244,000 barrels per day (b/d) in 2016, which is lower than its peak production of 375,000 b/d in 2005. The Zafiro field, operated by ExxonMobil, remains the country’s largest source of oil output and export; however, average output has declined to 82,000 b/d in 2016 from a peak of 280,000 b/d in 2004.
  • Given their current fiscal position, the government has been eager to attract foreign investors to start production in new fields. Equatorial Guinea’s 2016 oil and natural gas licensing round closed on June 5, 2017, and announced seven winners: ExxonMobil Corporation; Ophir Energy; Elenilto Group; Talaveras; Atlas Petroleum and Strategic Fuel Fund; Offshore Equator PLC; and Clontarf Energy.
  • U.S. companies are the dominant producers of Equatorial Guinea’s crude oil, although European and Chinese companies have started to play a role in the sector. GEPetrol, the national oil company, owns small shares in key fields and manages the state’s participation as a shareholder in production-sharing agreements and in joint ventures with other international oil companies (IOCs). GEPetrol is also responsible for marketing, oil licensing, and hydrocarbon policy and implementation.

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Data