Equatorial Guinea announces 2026 oil and gas licensing round

Core Insights - Equatorial Guinea is launching a new oil and gas licensing round for 2026, named EGRonda 2026, which will open 24 blocks for global exploration and production companies with enhanced fiscal terms to boost exploration and profitability [1][2] - The government will maintain an open-door policy allowing companies to apply and negotiate contracts directly until the new licensing round begins [1][2] - The licensing round is part of efforts to address declining oil output, as the country's production has decreased from a peak of 241,000 barrels per day in 2010 to 55,000 barrels per day in 2023 [2][3] Industry Developments - The International Monetary Fund projects modest annual economic growth of 0.9% from 2025 to 2030, primarily due to decreasing hydrocarbon production [3] - Chevron's subsidiary, Noble Energy, has reached an agreement with Equatorial Guinea to develop the Aseng gas project in Block I of the Douala Basin, requiring an initial investment of approximately $690 million [3][4] - Equatorial Guinea is collaborating with Nigeria on the Gulf of Guinea Gas Pipeline and is developing the EG-27 LNG project, which could produce 2.4 million tonnes per annum of LNG over two decades, focusing on the Ebano field [4]