By Ebi Kesiena
Equatorial Guinea’s Hydrocarbons Minister, Antonio Oburu Ondo, has applauded the smooth transfer of ExxonMobil’s oilfield assets to the country’s national oil company, GEPetrol, marking the end of nearly 30 years of ExxonMobil’s operations in the nation.
The handover follows ExxonMobil’s 2022 announcement that it would exit upon the expiration of its licenses.
In a statement, Ondo described the transfer as a landmark event in the country’s oil industry. “The departure of this American giant closes a crucial chapter in our petroleum history, one that brought us into OPEC, while also opening a promising new era,” he said.
Ondo highlighted ExxonMobil’s pivotal role in boosting Equatorial Guinea’s economy, pointing to the massive growth spurred by the discovery of the Zafiro oil field in the mid-1990s. ExxonMobil’s presence contributed to the country’s economic rise, propelling it to one of the highest per capita GDP rates in Africa.
Looking ahead, the minister expressed strong confidence in GEPetrol’s ability to take the reins of the country’s petroleum operations. He stressed the importance of redeveloping the Zafiro field and collaborating with other independent companies, including Kosmos Energy and Chevron, to strengthen Equatorial Guinea’s hydrocarbon sector.
Ondo also outlined ambitious plans to establish a Gas Mega Hub (GMH), aimed at maximizing the country’s oil and gas potential. The GMH will enhance the production and transportation of resources to both regional and global markets while fulfilling local energy needs.
“With the GMH, we gain the ability to move our production not just to regional and global markets, but also to power our own industries and manufacturing sectors,” Ondo said.
In addition, he announced a bilateral agreement with Nigeria to construct the Gulf of Guinea Gas Pipeline Project, which will supply gas to the GMH. Ondo also mentioned a joint development agreement with Cameroon to enhance oil and gas fields along their shared coastal borders.
