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 of Bioko, although 80 percent of the population resides 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 and Hydrocarbons 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 plant in 2007 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.
|Language(s)||Spanish (official), French, Portuguese|
|National currency||Central African CFA Franc|
|Labor force (inhabitants)||511,968|
|GDP (current billion US$)||13.32|
|GDP per capita (current US$)||10,173.96|
|GDP growth (percentage)||-2.95|
|Exports of Goods and Services (current billion US$)||7.55|
|Proven natural gas reserves (billion c.m.)||36|
|Natural gas marketed production (billion c.m.)||7.75|
|LNG exports (billion c.m.)||5.24|
|Domestic natural gas consumption (billion c.m.)||1.52|