Equatorial Guinea has signed an oil and gas exploration agreement with Italian energy giant Eni, granting the company a 21-month window to assess the hydrocarbon potential of six contracted blocks — EG-22, EG-15, EG-16, EG-17, EG-05, and EG-10. The deal marks Eni’s formal entry into the central African nation’s upstream market, following an earlier 2026 Reconnaissance License Agreement.
Under the agreement, Eni will conduct a technical evaluation of existing seismic and subsurface data across the six blocks, alongside a training and capacity-building program for technical staff at the Ministry of Mines and Hydrocarbons. The arrangement aligns with Equatorial Guinea’s National Oil Sector Promotion Plan, a strategy designed to accelerate foreign investment in the upstream sector.
The deal comes as Equatorial Guinea moves to reverse years of declining production, with domestic output falling to 55,000–62,000 barrels per day in 2025. The government has responded with a series of cooperation agreements in 2026, including deals with Chevron, Panoro Energy, and ConocoPhillips, which are collectively expected to unlock over $10 billion in upstream investment. The country’s Open Door Policy — a direct negotiation framework launched in 2023 — is designed to streamline licensing and attract international capital.
Eni’s assessment of the six blocks will also feed into preparations for the country’s 2026 licensing round, which includes the processing of over 9,000 square kilometers of seismic data in the Rio Muni Basin and additional 2D and 3D seismic surveys being conducted in partnership with surveyor Searcher Seismic.
Beyond exploration, the deal advances Equatorial Guinea’s Horizon 2035 economic diversification agenda, with its capacity-building component strengthening local technical expertise. Potential new gas discoveries from the Eni partnership could also unlock fresh volumes to support the country’s Gas Mega Hub processing infrastructure.
Source: energycapitalpower.com