Cameroon and Equatorial Guinea have officially signed an operating agreement to jointly develop the Yoyo-Yolanda gas field, which straddles the maritime border between the two nations. The signing ceremony, held at the People’s Palace in Malabo and presided over by Equatorial Guinea’s Vice President Teodoro Nguema Obiang Mangue, represents the operationalization of a bilateral treaty initially signed in March 2023.
The cross-border gas reserves will be developed along two axes. One will extract and liquefy gas at a specialized facility in Punta Europa, Equatorial Guinea, before exporting it to international markets. The second axis will deliver gas to Bipaga in Cameroon for domestic consumption and regional distribution.
American energy company Chevron has reaffirmed its commitment to the project, providing technical and financial support for the development. The initiative is being promoted as a pathway to economic sovereignty and job creation in the region, though concerns about the environmental impact of offshore gas extraction remain a point of discussion among environmental advocacy groups.
The agreement aligns with Equatorial Guinea’s broader Gas Mega Hub initiative, which aims to monetize stranded gas resources for both domestic use and regional export markets.
Sources: africanews.com, energycapitalpower.com
Equatorial Guinea And Italian Energy Major Eni Sign Upstream Reconnaissance Agreement
Equatorial Guinea has entered into a Reconnaissance License Agreement with Italian energy giant Eni, strengthening technical and exploratory cooperation between the West African nation and one of Europe’s largest oil and gas companies. The agreement covers preliminary geological analysis and evaluation activities across prospective acreage in Equatorial Guinea’s territorial waters.
The deal arrives as Equatorial Guinea prepares to launch EG Ronda, an upstream licensing round scheduled for April 2026 that will offer 24 oil and gas blocks to international investors. The reconnaissance agreement reflects the country’s strategic push to reverse production decline by attracting quality upstream investment to both frontier and mature petroleum assets.
The agreement follows recent amendments to Equatorial Guinea’s Hydrocarbon Law in 2024, which introduced more attractive fiscal terms designed to stimulate exploration and development activity. NJ Ayuk, Executive Chairman of the African Energy Chamber, commented on the significance of the deal: “Equatorial Guinea is still an underexplored world-class petroleum province with so many billions of barrels still to be discovered. We are happy that Eni, with a track record of excellent exploration performance globally, is going to work with the country towards finding new oil and gas discoveries that will translate into economic development and prosperity for citizens while meeting global energy security needs.”
The reconnaissance agreement is part of a series of recent developments aimed at revitalizing Equatorial Guinea’s petroleum sector. Last week, Chevron, state oil company GEPetrol, and the government signed a Heads of Agreement that increases GEPetrol’s stake in the Aseng field with financial backing from Chevron.
Source: energycapitalpower.com