• 5 mins OPEC, Russia Said To Announce Oil Pact Extension On Nov 30
  • 3 hours Wintershall And LetterOne In Talks For $12B Oil, Gas Merger
  • 5 hours India Exempts State Oil Firms Mergers From Competition Approval
  • 7 hours Turkey Targets $5B Investment In Wind Energy By End-2017
  • 9 hours Weatherford Looks To Sell Assets To Ease Some Of $8B Debt
  • 10 hours OPEC Set To Move Fast On Cut Extension Decision
  • 12 hours Nigeria Makes First Step Away From Oil
  • 1 day Russia Approves Profit-Based Oil Tax For 2019
  • 1 day French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 1 day Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 1 day Oil Production Cuts Taking A Toll On Russia’s Economy
  • 1 day Aramco In Talks With Chinese Petrochemical Producers
  • 1 day Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 2 days Maduro Names Chavez’ Cousin As Citgo Boss
  • 2 days Bidding Action Heats Up In UK’s Continental Shelf
  • 2 days Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 3 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 4 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 4 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 5 days ConocoPhillips Sets Price Ceiling For New Projects
  • 7 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
Can The Gas Glut Kill The Permian Boom?

Can The Gas Glut Kill The Permian Boom?

The natural gas glut is…

Is This The New Sweet Spot For Shale?

Is This The New Sweet Spot For Shale?

Shale drillers and oil majors…

Saudi Arabia To Help Build West Africa’s Largest Oil Storage Terminal

Gas Storage

Equatorial Guinea has signed a strategic agreement with Saudi Arabia under which OPEC’s biggest producer and exporter will cooperate with the African country in the construction and financing of the Bioko Oil Terminal tank farm project that will be West Africa’s largest oil and oil products storage facility.

According to Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, the facility will also be the third-biggest storage facility in Africa that would firmly put his country on the global energy map.

The signing of the deal took place earlier this week during a state visit of Equatorial Guinea’s top politicians to Saudi Arabia, where they held a bilateral economic forum.

The project to build Bioko Oil Terminal on the Bioko Island offshore the Equatorial Guinea is being developed by South Africa-based independent oil and gas company SacOil, the Ministry of Mines, Industries and Energy of Equatorial Guinea, Taleveras Exploration and Production DMCC, Gunvor Group, and the Strategic Fuel Fund Association.

Sealing deals for the biggest oil terminal in West Africa was not the only energy mission that Equatorial Guinea’s officials sought in Saudi Arabia.

While in Saudi Arabia, Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo said that Equatorial Guinea had now submitted the application to become a member of OPEC, and that Saudi King Salman bin Abdul Aziz would lobby for the African country to be accepted as a member, the Equatorial Guinea Press and Information Office said in a statement on Friday.

Related: Is Big Data The New Big Oil?

In January, Equatorial Guinea first said that it had applied to join OPEC as its 14th member. The country was one of 11 non-OPEC producers that pledged to take off the market a combined 558,000 bpd of production as part of the output cut deal. Equatorial Guinea has pledged to cut output by 12,000 bpd under the agreement, and reiterated on Thursday its commitment to stick to that pledge.

According to the BP Statistical Review of World Energy, Equatorial Guinea produced 289,000 bpd of oil in 2015, up by 3.3 percent annually.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Naomi on May 15 2017 said:
    Saudis don't build in Saudi Arabia because their citizens won't work. They think oil money welfare checks can never stop.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News