Equatorial Guinea and energy major Eni have signed a Reconnaissance License Agreement, marking a significant step forward in technical and exploratory cooperation. Aligning with a broader strategy by the country to revitalize its oil and gas sector, the agreement enables preliminary geological analysis and evaluation activities, laying the groundwork for future upstream development. Following years of production decline, the agreement underscores how proactive policies, strong political will and global engagement can turn the production trend around, cementing Equatorial Guinea’s position as a regional oil and gas hub.
As the voice of the African energy sector, the African Energy Chamber (AEC) strongly supports the agreement as a clear signal of investor confidence and regulatory maturity. Reconnaissance licenses play a critical role in de-risking acreage, strengthening geological understanding and accelerating the transition from early-stage analysis to bankable projects. By reinforcing transparency and sustainability in its upstream framework, Equatorial Guinea is positioning itself as one of Central Africa’s most agile and investment-ready energy markets – as well as a nation willing to make major changes to drive projects forward.
The Eni agreement builds on a series of decisive steps taken by Equatorial Guinea to accelerate oil and gas development – most notably through its Gas Mega Hub (GMH) initiative. The government recently signed an agreement with energy major Chevron and Equatorial Guinea’s national oil company (NOC) GEPetrol to increase the NOC’s stake in the Aseng field. The move – financially backed by Chevron – strengthens national participation in producing assets while reinforcing Equatorial Guinea’s strategy of pairing international expertise with domestic value creation. Beyond national participation, the deal secures feedstock for the Punta Europa facility – an integral part of the GMH. The agreement is also positioned as a catalyst for multiple downstream and upstream developments across the country.
In parallel, Equatorial Guinea has advanced cross-border cooperation through its February 2026 agreement with Cameroon on the development of the Yoyo-Yolanda gas fields. This milestone not only unlocks previously stranded resources but also reflects a growing emphasis on regional integration, shared infrastructure and gas monetization. Together, these initiatives highlight a market that is no longer defined by isolated announcements, but by coordinated project execution across upstream, midstream and regional frameworks.
“Equatorial Guinea is showing the rest of the continent what decisive leadership looks like in today’s energy environment. By moving swiftly from agreements to implementation, and by empowering its national oil company while working closely with global partners, the country is creating a balanced, investable and execution-driven energy sector that delivers value for both citizens and investors,” stated Antonio Oburu Ondo, Minister of Mines and Hydrocarbons, Equatorial Guinea
Looking ahead, the agreement sends a strong signal that Equatorial Guinea is open for business and committed to international engagement. The country is currently preparing to launch its EG Ronda upstream licensing round in April 2026, offering 24 oil and gas blocks for investment. Announced at African Energy Week 2025, the licensing round features updated fiscal terms – including a 10% corporate tax reduction – with bidding set to run until November 2026.
Collectively, the reconnaissance license with Eni, the Aseng and Yoyo-Yolanda agreements as well as the licensing round illustrate a country rapidly transitioning from concept to project delivery. In an era where capital discipline and regulatory clarity are paramount, Equatorial Guinea’s ability to advance multiple initiatives in parallel sends a strong message to the market: the country is open for business, focused on execution and committed to building a competitive, transparent and sustainable energy sector.
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