MALABO, Equatorial Guinea — October 23, 2026

Equatorial Guinea is seeking to attract new investment into its petroleum industry after officials reported a sharp decline in the number of available oil and gas exploration blocks, signalling growing interest in the country's remaining energy opportunities.

Speaking at African Energy Week 2026 in Cape Town, Mines, Hydrocarbons and Energy Minister Antonio Oburu Ondo said fewer than seven exploration blocks remained available, compared with more than 20 a year earlier. According to the minister, most of the acreage had been awarded to companies from the United States and Europe, alongside several Asian investors.

The development comes as the government works to reverse declining oil production and encourage companies to explore fields that may be smaller or more technically challenging to develop.

Proposed changes to the country's hydrocarbons legislation are intended to offer more flexible contractual arrangements and tax incentives for qualifying projects. The measures could make previously unattractive fields more commercially viable and encourage additional drilling investment.

Equatorial Guinea's petroleum industry remains central to its economy, contributing heavily to export earnings and public revenue. Attracting fresh capital is therefore important for sustaining production, supporting government finances and extending the life of existing energy infrastructure.

The remaining exploration opportunities could appeal to independent energy companies seeking access to established petroleum infrastructure and prospective offshore resources.

However, the pace of future investment will depend on the final regulatory framework, exploration results, financing conditions and companies' assessments of commercial risks.

For Equatorial Guinea, the challenge is turning investor interest into sustained exploration and production. New capital could support energy-sector activity, but reversing declining output will require successful projects and consistent implementation of the government's investment strategy.