The economy of Equatorial Guinea has traditionally been dependent on commodities such as cocoa and coffee, but it is now heavily dependent on petroleum due to the discovery and exploitation of significant oil reserves in the 1980s. In 2017, it graduated from "Least Developed Country" status, one of six Sub-Saharan African nations that managed to do so. The country has seen significant economic growth and improvements in infrastructure. Equatorial Guinea has a notable Gross National Income (GNI) and has attracted a substantial foreign population, with only 950,000 of its 1.6 million inhabitants being citizens.
Top Sectors in Equatorial Guinea
Infrastructure in Equatorial Guinea
Infrastructure in Equatorial Guinea has seen notable improvements with ongoing projects to enhance transportation and electricity services. The country has over 700 kilometers of paved roads. The African Development Bank is aiding in upgrading roads from Malabo to Luba and Riaba, while the Chinese are working on a project to connect Mongomo to Bata on the mainland. The European Union is financing a road network linking Equatorial Guinea to Cameroon and Gabon. Electricity is available in larger towns through three hydropower facilities and several generators. National production has been supported by a 10 megawatt electricity plant built by the American company CMS-Nomeco, financed by the government, with plans to double capacity underway. This plant has improved service to the capital, while Bata, the largest city on the mainland, continues to work on stabilizing its electricity supply.
Energy in Equatorial Guinea
Equatorial Guinea has emerged as a major oil producer in the Gulf of Guinea, one of the most promising hydrocarbon regions in the world. The main oil fields, Zafiro and Alba, both lie offshore of Bioko island. Oil production significantly increased from its levels in the mid-1990s. The Zafiro Field, operated by ExxonMobil and Ocean Energy, produced about 100,000 barrels per day, and CMS Nomeco extracted approximately 6,700 barrels per day. By the early 2000s, production reached nearly 200,000 barrels per day. Mobil (now ExxonMobil) discovered the large Zafiro field in 1995, with estimated reserves of 400,000,000 barrels. Production began in 1996, and the company announced a three-year U.S. $1 billion rapid-development program to boost output to 130,000 barrels per day by the early 2000s. The development program was successfully carried out, enhancing the country's oil production capacity.
18 Jun 2024
16 Jul 2024
Tenders by Country