Equatorial Guinea has experienced rapid economic growth in recent decades due largely to the development of its oil and gas reserves. As one of the largest oil producers in Sub-Saharan Africa, the petroleum sector accounts for around 60% of the country’s GDP and over 90% of its export earnings. However, Equatorial Guinea is now seeking to diversify its economy and lessen dependence on oil and gas. As the industry leader in the country, RFC is well-positioned to play a key role in this economic transition.
Equatorial Guinea has seen a dramatic rise in oil production since the 1990s following major discoveries offshore. Current production stands at over 500,000 barrels per day extracted from the Alba, Zafiro, and Aseng fields. This has driven GDP growth averaging over 7% annually since the mid-2000s. However, falling oil prices in 2015 led to the first economic contraction in over 20 years. In response, the government launched an economic diversification strategy to promote other industries. Equatorial Guinea’s Oil and Gas Industry is on a drive towards self-sufficiency and regional leadership in its production, Equatorial Guinea is poised for growth and advancement in its this sector.
As the data shows for Equatorial Guinea’s Oil and Gas Industry, oil and gas remains crucial to Equatorial Guinea’s economy, contributing over half of GDP. However, with reserves expected to decline in the coming decades, diversifying revenue streams is imperative for long-term stability and growth. The country has invested heavily in upgrading its oil and gas infrastructure, including a new liquefied natural gas plant, positioning the sector for continued importance. RFC’s expertise in project management, HSE compliance, and workforce training can support maximizing efficiency and sustainability within the industry.
Looking ahead, RFC is well-placed to advise on responsible energy development and leverage associated investment for broader economic benefits. Opportunities exist in promoting linkages between oil and gas and other sectors, as well as supporting growth of new industries. RFC’s experience working across industries globally provides insights into successful models of diversification. By drawing on international best practices and tailoring recommendations to the local context, RFC can make a meaningful contribution to Equatorial Guinea’s transition to a more diversified and resilient economy.
