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Antonio Oburu Ondo Reveals Strategies to Explore, Drill and Unlock Offshore Potential in Equatorial Guinea

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Antonio Oburu Ondo

In an exclusive interview with the African Energy Chamber, President of OPEC and Equatorial Guinea’s Minister of Mines and Hydrocarbons, Antonio Oburu Ondo, dives deep into the country’s exploration and drilling Strategies

JOHANNESBURG, South Africa, August 6, 2023/APO Group/ — 

OPEC members recently met in Vienna for the 8th OPEC International Seminar. What measures is OPEC currently taking to stabilize the market given recent price increases?

The global oil market has experienced a relatively volatile few years but OPEC remains committed to contributing towards market stability, both for producers and consumers alike. We have been closely monitoring the market and the associated global dynamics, and our recent seminar in Vienna featured in-depth discussions about production, and maintaining a balance between supply and demand. OPEC will continue to monitor the market while cooperating with our member and non-member countries to address any market imbalances.

Equatorial Guinea’s Gas Mega Hub (GMH) initiative continues to make progress with a Heads of Agreement signed with Marathon Oil Corporation for the second and third phases of the project. What does the timeline look like for the project? Can we expect any milestones to be achieved in 2024 and 2025?

Phase one of the GMH comprised the tie-back of the Alen Field to the Punta Europa Liquefied Natural Gas (LNG) terminal on Bioko Island. This phase delivered first gas in February 2021, and soon thereafter, the government, alongside its project partners, have been working towards getting phase two onstream. In March this year we signed an agreement with Marathon Oil and Noble Energy for the next two phases of the project and we expect phase two to come online as early as January 2024. This stage involves processing gas from the Alba Field while phase three will facilitate gas processing from Noble Energy’s Aseng oil and gas field. Marathon Oil is also currently evaluating two infill drilling opportunities to improve the Alba production performance.

So, we will be starting 2024 with a major milestone and are aiming to reach many more after that. We have recently also established a bilateral trade agreement with Cameroon on cross-border oil and gas development while other exploration projects continue to make progress. A similar agreement was signed with Nigeria in 2022. These endeavors open up new opportunities for the expansion of the GMH by maximizing feedstock for the terminal.

With production decreasing due to natural declines in legacy fields, what efforts are being taken by the Ministry to boost output? 

The country’s enabling environment for investment and strong record of successful offshore finds have also seen new E&P players join the market

In addition to drilling works being undertaken to improve and maintain production levels at existing fields, the Ministry is making great strides towards accelerating exploration across the country’s offshore acreage. Our recent agreement with Cameroon will see the two countries jointly develop oil and gas projects along our maritime borders, including the Yoyo and Yolanda fields, the Etinde gas field and the Camen and Diega fields.

The country’s enabling environment for investment and strong record of successful offshore finds have also seen new E&P players join the market. Earlier this year we also signed three production sharing contracts with Panoro Energy and Africa Oil Corporation. These contracts are expected to further open up the upstream market. Additionally, we have several global energy majors and independents progressing with exploration and are optimistic about these campaigns. The only way to address production declines is to explore, drilling more wells and unlocking the potential of offshore basins.

Equatorial Guinea has recently inked agreements with regional neighbors Nigeria and Cameroon to expand energy cooperation. How is the government strengthening local content within the natural gas industry and how will these agreements help bolster capacity building on a regional scale?

Local content has and will always be a top priority for Equatorial Guinea. In our oil and gas sector, local content is enforced through the National Content Regulation and Hydrocarbons Law as well as additional ministerial decrees, individual production sharing contracts and local labor laws. Through clear regulation and regular engagement with both local and international energy companies, we continue to strengthen our local content and drive capacity building and opportunity.

In addition to policy, the government carries out skills and technology transfer through initiatives and training. We have a number of training and education institutions open and constantly engage our partners about exchange programs and bilateral skills development. Our agreements with neighboring countries fall under these efforts to up-skill and re-skill the workforce. We also believe that regional cooperation will help advance opportunities for oil and gas entrepreneurs. Our partnerships with other West African countries aim to increase trade, commerce and collaboration between Equatorial Guinea and its regional counterparts. These efforts are introducing opportunities for domestic and regional market growth as well as bilateral knowledge sharing.

African Energy Week 2023 takes place under a mandate to make energy poverty history by 2030. How does Equatorial Guinea plan to leverage its resources to achieve this objective and what messages will you be driving during this year’s conference?

Equatorial Guinea, like many other African countries, believes that in order to make energy poverty history, we need to monetize and maximize all of our natural resources. Our efforts to increase investment and bolster development across the entire energy value chain has already been instrumental in alleviating energy poverty. Equatorial Guinea has a wealth of natural gas resources and we are making progress to leverage these resources for domestic power generation. The Bioko Turbogas thermal power plant provides reliable power to the population and as the GMH expands, so will opportunities for gas-to-power.

The country is also capitalizing on its renewable energy wealth, and invites investors and project developers to invest in the country’s green energy sector. We are also working with other countries in Africa to expand trade and regional connectivity.

This year, I am looking forward to participating in a number of panel discussions, investor summits and ministerial forums, and will drive the message that gas is good for Africa. Equatorial Guinea has made significant progress to monetize both domestic and regional gas but a lot more needs to be done to maximize resources and drive industrialization and economic growth. Gas, as a clean and readily available resource, is the best way for Africa to achieve energy security while facilitating a just energy transition.

Distributed by APO Group on behalf of African Energy Chamber.

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Africa Finance Corporation Appoints Central Bank of Nigeria (CBN) Governor Yemi Cardoso as Chairman of the Board

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Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration

LAGOS, Nigeria, October 14, 2026/APO Group/ –Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, announces the appointment of Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors. He succeeds the immediate-past Chair, Ireti Samuel-Ogbu, who served the Corporation meritoriously during her tenure and continues to serve as a board member.

 




 
 

Mr Cardoso brings extensive experience spanning international banking, investment management, economic policy and public sector leadership. Since assuming office as Governor of the CBN in September 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.

Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency. The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.

I look forward to working with the Board, management and member states to advance The Africa We Build 2050

Prior to his appointment as Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State. In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies. He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.

Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration. His experience in financial sector reform, institutional governance and capital markets will provide valuable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.

Samaila Zubairu, President & CEO of AFC, said: “We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure.”

Mr. Cardoso commented on his appointment, saying: “A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”

AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production in Nigeria; and committing to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent. These investments reflect AFC’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

 




 

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Ghana Targets End to Liquid Fuel Purchases for Power as Gas Supply Expands

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Ghana, Senegal and the GECF outlined how African producers can grow domestic gas use alongside exports at the GECF-AEC Strategic Forum

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Ghana expects to stop procuring liquid fuels for power generation next year, John Jinapor, Minister for Energy and Green Transition, said during a Gas Exporting Countries Forum (GECF)-hosted strategic session at African Energy Week (AEW) 2026 in Cape Town. Ghana has already cut its liquid fuel purchases for electricity from eight cargoes to two, he said, as domestic gas and imports from Nigeria replace diesel and heavy fuel oil in thermal plants.

 




 
 

Ghana’s gas policy prioritizes domestic processing, with gas directed first to power generation and then to industry, Jinapor said. The switch from liquid fuels saved Ghana about $500 million in a single year through import substitution, at a time when electricity demand is growing about 10% annually. Nigeria supplies Ghana through the West African Gas Pipeline, and he said Ghana expects to double those volumes under its current agreements. Ghana is also building a 278 km pipeline to link its main power centers, and is using a levy on pump fuel to fund LPG adoption, targeting 50% penetration within three years.

We are a gas continent before an oil continent

Senegal, which began exporting LNG in 2025, is working to balance exports with supply to its own economy. El Hadji Abdourahmane Diouf, Minister of Energy and Petroleum, said companies often prioritize export markets, leaving governments to secure domestic supply. Senegal is targeting domestic gas supply of around 150 million standard cubic feet per day by 2030, delivered through a national gas network to power plants across the country. Diouf said the network’s pipeline, which has faced delays, is expected within nine months.

Philip Mshelbila, Secretary General of the Gas Exporting Countries Forum (GECF), called the choice between exports and domestic use “a false choice.” In his address, he said: “Exports mobilize capital, revenue and investment confidence. Domestic utilization is the development multiplier.” The GECF’s Global Gas Outlook projects African gas demand will more than double, from 175 billion cubic meters in 2024 to about 374 billion cubic meters by 2055.

Panel moderator Oliver Onyekweli, Partner at McKinsey & Company, noted that only around 3% of gas commercialized in Africa is traded within the continent. Mshelbila said regional cooperation, gas storage and cross-border infrastructure will determine how resilient African markets are to future supply disruptions. He cited the Senegal-Mauritania Greater Tortue Ahmeyim project as a model.

NJ Ayuk, Executive Chairman of the African Energy Chamber, described gas as a “Swiss knife” for African development, with uses spanning power generation, petrochemicals and fertilizers. “We are a gas continent before an oil continent,” he asserted.

Ghana’s gas master plan, currently under review, sets a 15-year blueprint for the country’s gas infrastructure and budgeting.

Distributed by APO Group on behalf of African Energy Chamber.

 

 




 

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Africa Energy Bank to Begin Financing Gas Projects in Early 2027, African Petroleum Producers Organization (APPO) Says

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APPO’s new bank will prioritize regional corridors as GECF forum panelists flag a gap in domestic gas financing

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –The Africa Energy Bank (AEB) will become operational within weeks and begin financing projects at the start of 2027, Farid Ghezali, Secretary General of the African Petroleum Producers Organization (APPO), said during the technical panel of the GECF-AEC Strategic Forum at African Energy Week (AEW) 2026 in Cape Town. The bank, launched by APPO and Afreximbank, will use a corridor approach, prioritizing projects that deliver regional economic development across four pillars: export infrastructure, domestic infrastructure, clean cooking and power.

 




 
 

Ghezali said exports and domestic supply should not compete. “I come from a country where you cannot export any drop of gas if the domestic demand is not satisfied,” he said. APPO and the Gas Exporting Countries Forum (GECF) signed an agreement earlier this year to work jointly on gas corridors, and plan to harmonize transit tariffs and gas contracts across member states.

I come from a country where you cannot export any drop of gas if the domestic demand is not satisfied

The panel focused on why domestic gas markets remain underdeveloped. Rashid Ali Abdallah, Executive Director of the African Energy Commission (AFREC), said recent investment has gone largely into export terminals while regional pipelines struggle to attract funding. He called for regional financing frameworks for cross-border infrastructure, and for joint planning of gas pipelines and power transmission.

In South Africa, industrial consumers face the loss of natural gas supply within about 18 months, with only a short-term coal supply bridge beyond that, said Jaco Human, Executive Officer of the Industrial Gas Users Association of Southern Africa (IGUA-SA). The gas aggregation company was formed to pool demand, share risk and underwrite new infrastructure across the region. Human said a proposed pipeline linking the Orange Basin to Western Cape and inland markets would need around 200 petajoules of annual demand. “We have much more demand than that, so the problem is not an economic one,” he said. “Rather, it is a coordination problem.”

Abubakar Abbas, Senior Energy Forecast Analyst at the GECF, said Africa will require at least $1 trillion over the next 30 years to develop its gas resources. Per capita energy consumption on the continent is about 25 gigajoules a year, well below the global average. Abderrezak Benyoucef, Head of Energy Studies at OPEC, said OPEC expects gas to rise from 17% to 23% of Africa’s energy mix by 2050. Electricity generation is projected to grow from under 1,000 TWh to about 2,700 TWh, with half of it from gas.

The AEB is headquartered in Abuja, where Nigeria handed over the bank’s offices to APPO and Afreximbank in February.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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