4.750
%
Neutral
85
mm boe
56
%
Corruption continues to create headwinds, but matters are improving slowly. Panoro's activity shows the onshore and shelf can compete for investment, although ageing fields, ExxonMobil's exit and declining output weigh on the sector. Outlook maintained because modest improvement is offset by structural decline. Outlook: Neutral. Risk premia unchanged at 4.75%.
October 7, 2026
Africa - Central
mm bbl
bcf
Central Africa, bordering the Bight of Biafra, between Cameroon and Gabon.
PSC/PSA
The main type of oil contract in Equatorial Guinea is a PSC. The contract is concluded either by international public invitation to tender in order to guarantee competition between the potential contractors or by direct adjudication. Each contract comes into force only after it has been ratified by the President of the Republic and on the date of the delivery to the contractor of a written notice of this ratification.
President Teodoro Obiang Nguema has ruled since 1979, with his son Teodorín as Vice President. US and UK guidance cite endemic corruption, opaque governance, poor human rights and payment delays. The EIA notes long-term decline in oil output as mature fields deplete and ExxonMobil has exited. The government is pursuing a regional 'Gas Mega Hub', bringing gas from the Chevron-operated Alen field and cross-border resources to the EG LNG plant at Punta Europa.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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