Malabo, Equatorial Guinea, 28 May 2026 (Lusa) – Equatorial Guinea and the Portuguese energy company Galp signed a memorandum on Wednesday to study and evaluate the oil potential of three strategic blocks in the country, Equatorial Guinea's presidency announced.
The People's Palace in Malabo hosted the signing ceremony, during which Vice-President Nguema Obiang Mangue highlighted the agreement's importance in strengthening energy and economic cooperation between Equatorial Guinea and Portugal, both members of the Community of Portuguese Language Countries (CPLP).
"Galp, considered the leading Portuguese energy company, has an extensive international track record in the exploration, production, and marketing of hydrocarbons, in addition to a presence in different international markets, especially in Africa," the presidency of Equatorial Guinea said in a press release dated Wednesday.
The agreement, covering blocks EG-02, EG-09, and H, involves conducting prospecting studies and technical analyses as a preliminary phase before the future signing of a production sharing contract, it added.
Obiang Mangue said that the arrival of companies with experience and technical capacity, such as Galp, represents a positive boost to developing the hydrocarbon sector and consolidating Equatorial Guinea as a benchmark energy player in the region.
The son of Equatorial Guinea's president said that the initiative forms part of the ongoing work developed by the Ministry of Hydrocarbons and Mineral Development, alongside domestic companies Gepetrol and Sonagas, to boost the national energy sector and open new opportunities for economic growth and international cooperation.
"Gepetrol and Sonagas will provide all the necessary technical information related to the blocks included in the agreement, with the purpose of ensuring the correct development of this new energy cooperation," he said.
The discovery of deep-water oil in the mid-1990s transformed Equatorial Guinea's economy. Oil now accounts for almost half of the country's gross domestic product (GDP) and more than 90% of its exports, the African Development Bank said.
More than half of the country's nearly two million inhabitants still live in poverty, however.
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