Equatorial Guinea’s major oil and gas exploration and production companies have their operations in Malabo, a small island in West Africa situated off the coast of Equatorial Guinea. Oil and Gas activities include: Exploration, Production, Gas, Oil, Refinery, Onshore and Offshore.
According to the Oil and Gas Journal, Equatorial Guinea had proved oil reserves of 1.1 billion barrels as of January 2009. The majority of these reserves are located offshore in the oil-rich Gulf of Guinea. Since the 1995 discovery of the Zafiro field, Equatorial Guinea's oil production increased dramatically. In 1995, oil production was 5,000 barrels per day (bbl/d), which increased to 375,000 bbl/d in 2005 but has since decreased to around 365,000 bbl/d in 2008; this decline is forecast to continue in the short-term. New field developments are underway but no additional production is expected before 2012.
Over 300,000 bbl/d of oil production is in the form of crude oil with lease condensates from natural gas production accounting for the rest. All production is exported and the small amount of domestic consumption is met through imports of refined products.
Natural Resources: petroleum, natural gas, timber, gold, bauxite, diamonds, tantalum, sand and gravel, clay
Location: Western Africa, bordering the Bight of Biafra, between Cameroon and Gabon
Economy
The discovery and exploitation of large oil reserves have contributed to dramatic economic growth in recent years. Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy under successive regimes has diminished potential for agriculture-led growth (the government has stated its intention to reinvest some oil revenue into agriculture). A number of aid programs sponsored by the World Bank and the IMF have been cut off since 1993, because of corruption and mismanagement. No longer eligible for concessional financing because of large oil revenues, the government has been trying to agree on a "shadow" fiscal management program with the World Bank and IMF. Government officials and their family members own most businesses. Undeveloped natural resources include titanium, iron ore, manganese, uranium, and alluvial gold. Growth remained strong in 2007, led by oil.
Industries: petroleum, fishing, sawmilling, natural gas
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Jobs and Recruitment in Equatorial Guinea
Resources:
www.eia.doe.gov/emeu/cabs/Equatorial_Guinea/Oil.html
www.eoearth.org/article/Equatorial_Guinea
