Editing Economy of Equatorial Guinea (section)

== Energy developments ==
{{main|Energy in Equatorial Guinea}}
After a slow start, Equatorial Guinea has recently (as of 2002) emerged as a major oil producer in the Gulf of Guinea, one of the most promising [[hydrocarbon]] regions in the world.<ref name=":0" /> The main [[oil field]]s, Zafiro and Alba, both lie offshore of Bioko island.<ref name=":0" /> In 1999 oil production was about five times its 1996 level; [[Zafiro Field]], operated by [[ExxonMobil]] and [[Ocean Energy]], produced about {{convert|100000|oilbbl/d}}, and [[CMS Nomeco]] extracted approximately {{convert|6700|oilbbl/d}}.<ref name=":0" /> In 2002, production was nearly 200,000 barrels per day.<ref>{{Cite book|url=https://books.google.com/books?id=pbOKDQAAQBAJ&q=300%2C000+barrels+per+day+equatorial+guinea&pg=PA149|title=Private Empire: ExxonMobil and American Power|last=Coll|first=Steve|date=2013|publisher=[[Penguin Books]]|isbn=978-0-14-312354-5|language=en}}</ref>

In 1995 [[Mobil]] (now ExxonMobil) discovered the large Zafiro field, with estimated reserves of {{convert|400000000|oilbbl}}.<ref name=":0" /><ref>
{{cite journal|date=1996-09-02|title=Equatorial Guinea becomes an oil producer|url=http://www.ogj.com/articles/print/volume-94/issue-36/in-this-issue/drilling/equatorial-guinea-becomes-an-oil-producer.html|journal=[[Oil & Gas Journal]]|volume=94|issue=36|page=38|issn=0030-1388|access-date=2017-05-26|quote=Partners discovered the Zafiro oil accumulation in March 1995 and declared the field commercial in October 1995.}}
</ref> Production began in 1996. The company announced a 3-year U.S.$1bn rapid-development program to boost output to {{convert|130000|oilbbl/d}} by early 2001.<ref name=":0" /> Progress was delayed due to a contractual dispute with the government and by unexpectedly difficult geology.<ref name=":0" /> The difference with the government was eventually resolved.<ref name=":0" />

In 1998 a more liberal regulatory and profit-sharing arrangement for [[hydrocarbon exploration]] and production activities was introduced.<ref name=":0" /> It revised and updated the production-sharing contract, which, until then, had favoured Western operators heavily.<ref name=":0" /> As a result, domestic oil receipts rose from 13% to 20% of oil export revenue.<ref name=":0" /> However, the government's share remains relatively poor by international standards.<ref name=":0" />

In 1997 CMS Nomeco moved to expand its operation with a U.S.$300m methanol plant.<ref name=":0" /> The plant entered production in 2000 and helped boost [[natural gas condensate]] output from Alba field.<ref name=":0" />

In August 1999 the government closed bidding on a new petroleum-licensing round for 53 unexplored deepwater blocks and seven shallow-water blocks.<ref name=":0" /> The response was small due to a combination of factors, including falling oil prices, restructuring within the oil industry, and uncertainty over an undemarcated maritime border with Nigeria (which was not resolved until 2000).<ref name=":0" />

In late 1999 [[Triton Energy]], a U.S. independent, discovered La Ceiba in block G in an entirely new area offshore the mainland of the country.<ref name=":0" /> Triton expected a U.S.$200m development program to enable La Ceiba and associated fields to produce {{convert|100000|oilbbl/d}} by late 2001, despite disappointments and technical problems at the beginning of the year.<ref name=":0" />

With an upturn in oil prices, exploration intensified in 2000.<ref name=":0" /> In April 2000 U.S.-based Vanco Energy signed a production-sharing contract for the offshore block of Corisco Deep.<ref name=":0" /> In May 2000, [[Chevron Corporation|Chevron]] was granted block L, offshore [[Río Muni]], and a further three production-sharing contracts (for blocks J, I, and H) were signed with [[Atlas Petroleum]], a [[Nigerian]] company.<ref name=":0" />

In early 2001 the government announced plans to establish a national oil company, to allow Equatorial Guinea to take a greater stake in the sector and to facilitate the more rapid transfer of skills.<ref name=":0" /> However, critics fear that such a company may become a vehicle for opaque accounting and inertia of the sort that has hindered development in neighbouring countries including [[Angola]], [[Cameroon]], and [[Nigeria]].<ref name=":0" />

Since 2001 the government has created [[GEPetrol]], a national oil company; and [[Sonagas]], a national natural-gas company. The company [[EG LNG]] has been created to construct and operate the Bioko Island [[LNG]] plant and terminal. The plant began to operate in May 2007 and a second plant is now{{when|date=August 2013}} under development.<ref>{{cite press release |url=http://lnglicensing.conocophillips.com/EN/news/documents/FirstLNGCargoFromEquatorialGuinea.pdf |archive-url=https://web.archive.org/web/20130516013344/http://lnglicensing.conocophillips.com/EN/news/documents/FirstLNGCargoFromEquatorialGuinea.pdf |date=May 24, 2007 |archive-date=May 16, 2013 |url-status=dead |title=First LNG Cargo From Equatorial Guinea |publisher=Marathon Oil}}</ref>

Equatorial Guinea became a member of [[OPEC]] in May 2017.<ref>{{cite press release |url=http://www.opec.org/opec_web/en/press_room/4305.htm |title=OPEC 172nd Meeting concludes |publisher=[[OPEC]]|date=25 May 2017}}</ref>