Equatorial Guinea Member
The Republic of Equatorial Guinea is situated on the oil and gas rich Gulf of Guinea and comprises the Rio Muni coastal enclave which consists of several islands of Cameroon coast and a part of the African mainland between Gabon and Cameroon. The capital, Malabo, is on the largest of the offshore islands (Bioko), although 80% of the population reside on the mainland. The islands are volcanic, while the mainland is forested, rising to mountains inland.
The President of Equatorial Guinea is HE Teodoro Obiang Nguema Mbasogo. The Minister of Mines, Industry and Energy is HE Gabriel M. Obiang Lima.
Equatorial Guinea is a fast growing economy due to investments in its recently discovered large reserves of oil and gas which are altering the economic and political status of the country. The upstream oil and gas industry is key to the economy of Equatorial Guinea and is growing rapidly with expanding foreign interest and investment. Launch of a new LNG facility in 2007 (Liquefied Natural Gas) plant contributed to rising gas output.
Equatorial Guinea has other resources, including its tropical climate, fertile soils, rich expanses of water, deepwater ports. The government is seeking to diversify the economy by encouraging agriculture and financial services. The once-significant economic mainstays of the colonial era-cocoa, coffee, and timber--are also receiving attention, though they remain miniscule in comparison to the energy sector.
|Land (1000 sq. km)||28.050 (WB 2010)|
|President||HE Teodoro Obiang Nguema Mbasogo|
|Population (million inhabitants)||1.276|
|Language(s)||Spanish, French, Portuguese|
|National currency||CFA Franc|
|Energy sources||Petroleum, natural gas|
|GDP per capita (current US$)||27,478 (2011)|
|GDP (current billion US$)||19.8 (2011)|
|GDP growth %||7.09 (2011)|
|Value of exports (billion $)||na|
|Value of oil exports (billion $)||9.9 (2010)|
|Value of gas exports (billion $)||na|
|Current account balance (BoP, billion $)||na|
|Proven crude oil reserves (billion barrels)||1.1 (2012)|
|Crude oil production, NGPL and other liquids (1,000 b/d)||303 (2011)|
|Refinery capacity (1,000 b/d)||na|
|Production of refined petroleum products (1,000 b/d)||3.1 (2010)|
|Consumption of petroleum products (1,000 b/d)||1 (2011)|
|Crude oil exports (1,000 b/d)||319 (2010)|
|Exports of refined petroleum products (1,000 b/d)||2.320 (2010)|
|Proven natural gas reserves (trillion cu. m.)||0.037 (2012)|
|Natural gas exports (billion cu. m.)||5.2 (2011)|
|Domestic Dry Natural gas consumption (billion cu. m.)||1.61 (2011)|
|Marketed production of natural gas (billion cu. m.)||7.3 (2011)|