Equatorial Guinea Announces 2026 Oil & Gas Licensing Round to Boost Exploration Amid Declining Output
Equatorial Guinea will launch a new oil and gas licensing round in April 2026 to encourage exploration and counter declining production, Hydrocarbons and Mining Development Minister Antonio Oburu Ondo announced.
Known locally as “la ronda”, the licensing round is planned for the second quarter of 2026. Detailed timelines, application procedures, and requirements will be announced closer to the launch. The round is set to run from April through November and will feature 24 blocks—two onshore and 22 offshore.
Declining Production and Economic Impact
According to OPEC’s 2024 statistical review, Equatorial Guinea’s oil production peaked at 241,000 barrels per day (bpd) in 2010 but declined to 55,000 bpd in 2023. This decline threatens the hydrocarbon-dependent economy.
The International Monetary Fund (IMF) noted in August that the country’s GDP is projected to grow by only 0.9% annually between 2025 and 2030 unless production is revitalised.
Earlier this month, Chevron revealed that its subsidiary, Noble Energy, finalised terms with Equatorial Guinea to develop the Aseng gas project in Block I of the Douala Basin.
The project, with an initial investment of about $690 million, will support global LNG supply and strengthen Equatorial Guinea’s ambition to become a regional gas-processing hub.
As part of this strategy, Equatorial Guinea signed an agreement with Nigeria in 2024 to jointly build the Gulf of Guinea Gas Pipeline, enhancing regional gas trade and infrastructure.
The government is also advancing the $4.5 billion EG-27 LNG project in partnership with Afreximbank, which is raising capital for execution.
Focused on the Ebano field, the EG-27 project could produce 2.4 million metric tons of LNG annually for 20 years once operational, further boosting the country’s energy export potential.
The upcoming 2026 licensing round is a central part of Equatorial Guinea’s strategy to reinvigorate its oil and gas sector, attract foreign investment, and ensure sustainable growth for its hydrocarbon economy.
