Production Declines In Equatorial Guinea All The Way

By Toyin Akinosho

Equatorial Guinea’s first nine months of 2014 have been that of declining production, to go by the latest activity map published by the country’s Ministry of Mines, Industry and Energy. Condensate output in the Punta Europa gas plant fell to 37,000BPD in the third quarter of  2014, from 42,000BPD average in 2013; Average production in Alen by the  fourth  quarter of 2014 was 1,000BCPD short of 2013 average of 26,000BCPD; the Okume oil complex in the Rio Muni Basin delivered 42,000BOPD on average so far in 2014, down from 44,000BOPD average for all of 2013; and the Aseng field output fell to 41,000BOPD on average so far in 2014, compared with 43,000BOPD in 2013. In effect, the country’s hydrocarbon output  continues its decline path from 2013 (see chart).

But Equatorial Guinea is still not a push over in the West African upstream market. The Noble Energy operated Carla field targets first production in early 2016. In Diega field, where five well bores have encountered oil and gas, an aggressive appraisal drilling is on schedule. London listed Ophir claims it has encountered 3.4Tcf in Block R and has proposed a 3MMTPA Floating LNG, which it hopes will get  investment sanction in the first quarter of 2016.