Equatorial Guinea deepens energy reforms with Eni deal and coordinated gas strategy

Equatorial Guinea and Italy’s energy major Eni (BIT:ENI, NYSE:E) have signed a Reconnaissance Licence Agreement (RLA) aimed at facilitating technical and exploratory cooperation.

According to the African Energy Chamber (AEC), the deal marks a critical step in Equatorial Guinea’s strategy to revitalise mature oilfields following years of production decline and to encourage new investment in oil and gas exploration.

Aligning with the country’s broader goal of transforming itself into a regional oil and gas hub, the RLA will enable preliminary geological analysis and evaluation activities, laying the foundation and attracting quality investment for future upstream development. The AEC commended the agreement as a clear signal of investor confidence and regulatory maturity.

“Reconnaissance licences play a critical role in de-risking acreage, strengthening geological understanding and accelerating the transition from early-stage analysis to bankable projects,” the AEC said in a press statement on February 5.

“By reinforcing transparency and sustainability in its upstream framework, Equatorial Guinea is positioning itself as one of Central Africa’s most agile and investment-ready energy markets – as well as a nation willing to make major changes to drive projects forward.”

Equatorial Guinea is taking clear steps to speed up oil and gas development through its Gas Mega Hub (GMH) initiative. On February 2, the Ministry of Hydrocarbons and Mining Development and US supermajor Chevron (NYSE:CVX) signed a Heads of Agreement (HoA) that supports greater state participation in the Aseng gas field development through the national oil company (NOC) GEPetrol. The deal is financially backed by Chevron and also secures gas supply for the Punta Europa LNG facility – an integral part of the GMH.

During the same week, Equatorial Guinea signed an agreement with Cameroon to jointly develop the Yoyo-Yolanda gas fields, deepening regional cooperation. Together, these moves show a coordinated and practical approach to domestic gas monetisation and regional integration.

“Equatorial Guinea is showing the rest of the continent what decisive leadership looks like in today’s energy environment,” Minister of Hydrocarbons and Mining Development Antonio Oburu Ondo was quoted by the AEC as saying.

“By moving swiftly from agreements to implementation, and by empowering its national oil company while working closely with global partners, the country is creating a balanced, investable and execution-driven energy sector that delivers value for both citizens and investors.”

Equatorial Guinea is currently gearing up for the launch of its EG Ronda upstream licensing round in April 2026, offering 24 oil and gas blocks to investors. Announced at African Energy Week 2025, the round includes improved fiscal terms, such as a 10% cut in corporate tax, with bidding open until November 2026.

As the AEC points out, the RLA with Eni, the Aseng and Yoyo-Yolanda agreements as well as the upcoming licensing round illustrate a clear shift from planning to active project delivery.

“In an era where capital discipline and regulatory clarity are paramount, Equatorial Guinea’s ability to advance multiple initiatives in parallel sends a strong message to the market: the country is open for business, focused on execution and committed to building a competitive, transparent and sustainable energy sector,” said the Chamber.