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Equatorial Guinea Energy Outlook Suffers Double Whammy This Week

GUINEA (Capital Markets in Africa) – OPEC member Equatorial Guinea suffered a double blow this week to its ambition of revitalizing its energy industry. The International Energy Agency said on Monday the West African nation’s crude production is on a “downward slope,” with capacity expected to drop 15 percent over the next six years to 110,000 barrels a day. That’s little more than a third of its peak output of 300,000 barrels a day in…

Uganda Fires Teargas as Protests Build Against `Life Presidency’

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KAMPALA (Capital Markets in Africa) – Ugandan police fired teargas and arrested students protesting at the capital’s main university, local media reported, as the ruling party prepares to propose a constitutional amendment that would allow President Yoweri Museveni to seek to extend his three-decade rule. The police and army fought running battles with students at Kampala’s Makerere University on Thursday, the Observer newspaper said on its website. It also reported that police arrested the capital’s lord…

Equatorial Guinea, Burkina Faso Agree LNG Supply and Sales Pact

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LAGOS (Capital Markets in Africa) – Equatorial Guinea said it signed a memorandum of understanding with Burkina Faso to supply the West African nation with liquefied natural gas and build infrastructure to import, store and transport the fuel. The initial three-year agreement compels both sides to negotiate and sign an LNG supply agreement and a terminal use deal, Equatorial Guinea’s Ministry of Mines, Industry and Energy said in an emailed statement on Monday. The countries will…

African Leader Son’s Multimillion-Euro Splurge on $80,000 a Year

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Equatorial Guinea (Capital Markets in Africa) – The son of Equatorial Guinea’s president bought real estate, a Bugatti Veyron, a Cartier watch and bottles of prestigious Romanee Conti wine on his $80,000-a-year position as a government minister. French prosecutors are demanding he account in court for these and other purchases, which total more than 100 million euros ($112 million). Teodoro Nguema Obiang Mangue, agriculture minister for more than a decade, is accused of amassing real…

IEA says record OPEC cut compliance helps oil market rebalance

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LAGOS (Capital Markets in Africa) – Global oil output plunged in January as OPEC and non-OPEC producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said on Friday. Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December…

Equatorial Guinea Offers to Join OPEC After Agreeing to Oil Cuts

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MALABO (Capital Markets in Africa) – Equatorial Guinea said it has offered to become a member of the Organization of Petroleum Exporting Countries after agreeing to cut oil output in cooperation with the group and several other major producers. “There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel,” Minister of Mines, Industry, and Energy Gabriel Mbaga Obiang said in a statement Monday. “We firmly believe that Equatorial…

Equatorial Guinea Economy Seen Weaker by IMF as Oil Output Drops

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MALABO, Capital Markets in Africa: Equatorial Guinea’s economy will contract further this year due to falling oil output and low crude prices, the International Monetary Fund said. The outlook for the central African oil producer is “very challenging,” the fund said in a statement late Thursday. “Weak oil revenues and limited buffers will require further cuts to public investment, leading to a deep contraction of the large construction sector and public administration,” the statement said. “As…

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