Company News 2024
• 2024 - ExxonMobil Concludes Operations in Equatorial Guinea.
After nearly three decades of operations, ExxonMobil has officially concluded its activities in Equatorial Guinea, fulfilling its stated intention from 2022 to exit upon the expiration of its licenses. The departure of the American energy giant marks the close of a defining era in our country’s petroleum history—one that facilitated Equatorial Guinea’s membership in OPEC—while also ushering in a promising new chapter for the nation’s energy sector.
ExxonMobil’s Legacy in Equatorial Guinea
ExxonMobil’s presence has significantly contributed to Equatorial Guinea’s economy and the well-being of its citizens. Mobil Corporation’s discoveries in the mid-1990s, followed by Exxon’s acquisition of Mobil, catalyzed an unprecedented petroleum boom for the country, driven largely by production from the Zafiro field.
This boom propelled Equatorial Guinea to one of the highest GDP per capita rates in Africa, as highlighted by Energy Voice, and led to the country’s full OPEC membership in 2017, strengthening its global position within the oil and gas industry. ExxonMobil’s tenure also helped attract investment from other energy majors and independent companies, including Chevron, Marathon Oil, Kosmos Energy, Panoro, EG LNG, Africa Oil Corporation, and Trident Energy.
Beyond its industry contributions, ExxonMobil placed strong emphasis on local workforce development, providing training and employment opportunities for Equatoguinean professionals in both current and future projects. The company also championed initiatives aimed at fostering economic growth and improving public health, including the ExxonMobil Foundation’s malaria prevention programs, which began in 2000.
A Lasting Impact and a New Era
As ExxonMobil departs, it leaves behind a legacy of transformative contributions to Equatorial Guinea’s economy, workforce, public health, and environmental conservation. Its influence has set the stage for continued investment and industry evolution, offering inspiration for future partnerships that will drive the next phase of growth in the country’s energy sector.
Transition of operations to GEPetrol
ExxonMobil has successfully transitioned its operations in Equatorial Guinea to GEPetrol, completing a nearly three-decade presence in the country. The transfer of oilfield assets, including the Zafiro field, was executed seamlessly as ExxonMobil's licenses expired, fulfilling a previously stated intention to leave. GEPetrol is now the operator of these assets, with plans to revitalize the Zafiro field and potentially boost national oil production.
Making Hydrocarbon Investment More Attractive
The Ministry of Hydrocarbons and Mineral Development is implementing key measures to enhance profitability for investors in the sector. A series of fiscal reforms introduced this year include:
- Corporate income tax reduction from 35% to 25%
- Dividend tax reduction from 25% to 10%
- Improved security for American investors through enhanced returns
Equatorial Guinea Minister of Mines & Hydrocarbons, Antonio Oburu Ondo, stated: “Our commitment to fostering a competitive investment climate goes beyond these reforms. We are actively reviewing and modernizing our hydrocarbons laws and regulations to establish a world-class fiscal framework that stabilizes the market and attracts global investors.
Equatorial Guinea’s domestic processing infrastructure further strengthens the investment appeal, offering opportunities for strong returns.”
As previously stated, by the Minister, the Ministry remains fully accessible to both current and potential investors, dedicated to maintaining confidence in the sector and its stakeholders. Our open-door policy has yielded positive results, successfully unlocking oil and gas blocks for development—with more opportunities set to follow.
The government will continue to serve as both a partner and facilitator for investors, ensuring a business-friendly environment that supports sustained growth in the hydrocarbon industry.
