Equatorial Guinea eyes economic diversification

Equatorial Guinea’s Minister of Mines and Hydrocarbons Gran Canaria on Thursday emphasized his country’s commitment to using its energy resources to diversify the economy.

Equatorial Guinea is among the largest oil producers in Africa, with an output of 280,000 bopd.

Speaking at the III Oil & Gas Meeting Day, Mr. Canaria gave details on multiple value-added projects currently underway and invited the global energy sector to participate in the Equatorial Guinea Year of Energy 2019 initiative.

He said Oil and gas exports have been central to the country’s growth and are expected to continue driving the economy going forward as it diversifies along the oil and gas value chain.

“Oil & gas has been fundamental to our growth and we have taken advantage of our resources to fuel development,” said the minister.

As part of the country’s economic diversification initiative, Equatorial Guinea is looking to the Canary Islands to building a sustainable economy on tourism and services.

The Year of Energy positions Equatorial Guinea as Africa’s energy hub, Canaria said.

The event brings attention to issues of regional cooperation, gaining greater value from natural resources and promotes investment in world-class oil and gas projects.