A Memorandum of Understanding was signed between the Chairman and Managing Director of the Egyptian Petroleum Projects and Technical Consultations Company (Petrojet), Waleed Lotfy, and Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, in Egypt on Wednesday, enabling Petrojet to work on petroleum and refining projects in Equatorial Guinea.
An agreement was also signed between Arab Contractors Company and Petrojet, to cooperate on various projects in Equatorial Guinea. The signing of the two agreements will further develop the country’s petroleum and refining capacity.
Equatorial Guinea plans to add 20,000 barrels per day (bpd) to its production output by October this year, increasing production to 140,000 bpd. Additionally, up to five blocks will be put up for licensing in April and the construction of two refineries, which are expected to process up to 40,000 bpd of crude oil, are expected to be up and running by the end of the year.
The Ministry of Mines and Hydrocarbons is continuing its outreach to global investors through its Year of Investment 2020 campaign. The year-long energy investment initiative is held under the auspices of the Ministry of Mines and Hydrocarbons and organized with the African Energy Chamber. Equatorial Guinea’s Gas Megahub project, together with eight investment-ready projects, are setting the course for strategic energy development on the continent in the coming decade. Kicking off the Year of Investment is the Africa Oil & Investment Forum, taking place on June 1, hosted in Malabo, Equatorial Guinea.