The Ministry of Mines and Hydrocarbons of Equatorial Guinea has granted oil and gas companies a two-year extension to their exploration programs, in recognition of the growing problems caused by COVID-19 and the low oil price.
The Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea has granted oil and gas companies a two-year extension to their exploration programs, in recognition of the growing problems caused by COVID-19and the low oil price.
“At a time of great uncertainty, we have an obligation to make bold, decisive, and pragmatic policy decisions to get the industry moving again,” said Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
“Our government is fully committed to safeguard our local oil and gas industry, its companies and its employees. The granting of these extensions has been deemed suitable to create an enabling environment for international and African companies to keep investing in Equatorial Guinea and ensure a quick recovery of our industry.”
In addition, the MMH will continue working with oil companies benefiting from these incentives to ensure continued local content promotion, increased technology transfers, and procurement of additional local goods and services.
Source: Offshore
