Recently published research from Business Monitor International, “Equatorial Guinea Oil & Gas Report Q3 2014”, is now available at Fast Market Research
Boston, MA — (SBWIRE) — 06/03/2014 — BMI View: Although the start of a number of small fields and continued interest in West Africa’s deepwater are positive trends for Equatorial Guinea’s oil and gas se ctor, t he temporary recovery in oil production will g i ve way to gradual downtrend, placing the country’s heavily oil – dependent economy at risk. While new discoveries could support an expansion of the country’s LNG export capacity, uncertainty over the market and infrastructure has rendered investment decisions repeatedly delayed. Notwithstanding the possibility of new discoveries, we expect oil production to gradually head lower over the course of the decade.
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The key trends and developments in Equatorial Guinea’s oil and gas sector are:
– Since having peaked in 2005 at 375,477 barrels per day (b/d), oil production in Equatorial Guinea has failed to demonstrate strong enough recovery to permanently return to growth. While output fell to 297,000b/d in 2013, volumes have since managed notable gains on the back of the start of smaller fields offshore. We estimate production averaged 346,000b/d for 2013 and will continue to make incremental gains before peaking at 375,000b/d in 2015.
– The start of new fields like Carla and later Alen will deliver gains over the course of our forecast period, but in our view are not enough to sustain the recovery in production over the longer term. While we see some upside from prospects under appraisal, such as Noble Energy’s Diega and potential liquids from Ophir Energy’s gas-rich Block R, we do not believe development of these prospects alone will be able to offset falling volumes from currently producing fields. Beyond 2017, we anticipate a steady decline in production unless further investment is made in exploration and production (E&P) with new discoveries being brought online.
– Equatorial Guinea recently announced the awarding of a number of onshore and offshore blocks to small and mid-sized players. Traditional international oil companies (IOCs)…
The Equatorial Guinea Oil & Gas Report has been researched at source and features Business Monitor International (BMI)’s independent forecasts for Equatorial Guinea including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI’s Equatorial Guinea Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Equatoguinean oil and gas industry.
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