The Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea has acted to support oil and gas service companies in-country following the steep fall in the oil price.
According to Minister H.E. Gabriel Mbaga Obiang Lima, a waiver will be applied to fees for services for three months, to allow local services to weather the storm and avoid job losses.
“While it is important to let market forces determine the future,” he said, “the government does have a role to play in stimulating the market and creating an environment for these companies to stay strong, continue investing and create opportunities for our citizens.”
In addition, the MMH has pledged to keep engaging with local and international companies to maintain an environment to allow the sector to operate and grow, despite current circumstances. Throughout the downturn, international operators will need to keep complying with the country’s local content requirements, and to co-operate with the local services industry to adapt to new market dynamics.
Equatorial Guinea will consider further actions to bring relief to its oil and gas sector. A team from the country’s Bioko Island Malaria Elimination Project and the Baney Lab Research Center have briefed Minister Obiang Lima on the progress of a malaria vaccine trial and current coronavirus tests being conducted in the facility.
He assured them the laboratory would be upgraded with new equipment to meet the current needs of 1.2 million residents. He also promised to purchase a similar number of Coronavirus lab kits to allow the Ministry of Health to deal efficiently with any potential future cases or any possible scenario.