Equatorial Guinea
Official Name: Republic of Equatorial Guinea
Capital: Malabo
Location: West Coast of Central Africa
Population: Approximately 1.4 million (2023)
Official Languages: Spanish, French, Portuguese
Currency: Central African CFA franc (XAF)
Oil and Gas
Overview: Oil and gas are the cornerstone of Equatorial Guinea’s economy, accounting for over 90% of export earnings and government revenue. Discovered in the 1990s, the country rapidly became one of the leading oil producers in sub-Saharan Africa.
Production: Equatorial Guinea produces approximately 100,000 barrels of oil per day. It has substantial offshore oil reserves, and gas production has become increasingly important with the development of the offshore Zafiro and Alba fields.
Natural Gas: The country also has significant natural gas reserves, with projects such as the Bioko Island Liquefied Natural Gas (LNG) plant enabling the country to export natural gas.
Minerals and Metals
- Gold: Small-scale gold mining occurs on the mainland region, but large-scale commercial exploitation has yet to develop. There is untapped potential for the exploration of gold resources, particularly in Río Muni.
- Bauxite: Although not yet exploited, Equatorial Guinea is believed to have reserves of bauxite (the primary ore for aluminum production). Future development of these resources could significantly boost the country’s mineral export potential.
- Diamonds: Limited exploration has indicated the presence of diamond deposits, though commercial mining has not commenced.
- Other Minerals: The country may also have unexploited deposits of titanium, iron ore, and manganese.
Overview:
Equatorial Guinea is situated on the west coast of Central Africa and consists of a mainland region (Río Muni) and several islands, including Bioko Island, where the capital Malabo is located. It is one of the wealthiest countries in Africa on a per capita basis, largely due to its extensive oil and gas resources. With a strategic location along the Gulf of Guinea, the country holds significant mineral resources that contribute heavily to its economy and export potential.
Equatorial Guinea is rich in natural resources, particularly hydrocarbons, which dominate the country’s economy. The country is relatively under-explored for other mineral resources, but potential exists in various sectors.
Outlook:
- Diversification into mineral resources and expansion of the mining sector could create new revenue streams and job opportunities.
- The government’s “Horizon 2020” development plan aims to transform Equatorial Guinea into an emerging economy by investing in infrastructure, energy, and agriculture, offering long-term growth potential.
- Strategic location in the Gulf of Guinea makes the country an important hub for regional and international trade.
