Equatorial Guinea has become a member of the Organisation of Petroleum Exporting Countries (OPEC), following a closed session of ministers from council members,
On Tuesday, OPEC member countries voted unanimously to accept Equatorial’s application to join the block. The country’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, applied to join the organisation in January 2017.
In 2017 the Ministry of Mines and Hydrocarbons is working on keystone projects that include a petrochemicals complex (REPEGE), tank farm (Bioko Oil Terminal) and the finalisation of the 2016 bidding round (EG Ronda 2016). Equatorial Guinea’s entry into OPEC provides a new framework for cooperation on these and future energy innovations.
Equatorial Guinea is now Africa’s 6th member of OPEC and the organisation’s 14th member.