AGP Executive Report
Last update: 10 hours agoEquatorial Guinea Cabinet Shake-Up: The entire government of Equatorial Guinea has resigned after a performance review found it delivered “barely 10%” of its development objectives, with the Vice-President Teodoro Nguema Obiang Mangue saying public responsibility must come with results and citing failures including delays on projects, corruption concerns, and weak progress on economic diversification—especially agriculture. Offshore Oil Deal Momentum: Panoro Energy has completed its acquisition of Kosmos Energy’s subsidiary holding a 40.375% interest in Block G offshore Equatorial Guinea, following CEMAC competition clearance; Panoro expects the next crude lifting of about 546,000 bbl at the start of July. Oil & Gas Project Timing: Europa Oil & Gas extended the longstop date for its EG-08 farm-out (40% stake) to July 31, 2026, pending final regulatory approval in China, while preparations continue for the Barracuda-1 well expected to spud in early 2027. Energy Diplomacy: Venezuela and Equatorial Guinea reaffirmed strategic ties with a focus on technical and commercial cooperation, including participation in Venezuela’s Energy Week in October. Regional Industry Support: AFD and RIFFEAC signed a €5m (CFA 3.3bn) financing agreement for ADEFAC 2, extending forestry and wood-processing training support to Equatorial Guinea and other Congo Basin countries over five years.
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