The American oil company Exxon Mobil has transferred control of Block B, one of its extraction units, to Equatorial Guinea’s national oil company, GEPetrol.
“The assets of Block B of the Sapphire field now officially belong to Equatorial Guinea. The transfer from Exxon Mobil to GEPetrol took place today in Malabo,” wrote Teodoro Obiang Mangue (‘Teodorin’) on social media platform X.
“This is just the beginning of a new process,” added Teodorin, son of the country’s President, Teodoro Obiang Nguema.
The handover ceremony was presided over by President Obiang. The Democratic Party of Equatorial Guinea (PDGE) stated in a press release, cited by Lusa, that GEPetrol “took over 100% of the oil operations” in the field on June 1.
In November 2023, the vice president announced the start of a “transition period” in the management of oil assets after reaching an agreement with Exxon Mobil to expedite the end of its exploration license, initially set to expire in October 2025.
Since discovering offshore oil in 1996, Equatorial Guinea has become one of Africa’s highest income per capita countries, with more than $8,460 per person in 2021, according to the World Bank.
