Top image: Trident Energy
Equatorial Guinea will launch its highly anticipated EG Ronda 2026 licensing round at this year’s African Energy Week (AEW) later this month. The licensing round forms part of the country’s broader strategy to revitalize its upstream sector, attract new investment and unlock exploration and production opportunities offshore.
In preparation for EG Ronda 2026, the Ministry of Hydrocarbons and Mining Development has partnered with U.K.-based Searcher Seismic on a $60 million program to acquire and reprocess 2D and 3D seismic data across uncharted acreage. The initiative aims to provide prospective investors with high-quality datasets, de-risking exploration and highlight frontier potential across Equatorial Guinea’s offshore basins.
The licensing round comes at a pivotal moment for Equatorial Guinea, with a series of recent developments underscoring renewed international interest in the country’s oil and gas sector.
In June 2025, energy major ConocoPhillips transported its inaugural LNG cargo from the Punta Europa facility, advancing the country’s flagship Gas Mega Hub initiative. Following its 2024 acquisition of Marathon Oil, ConocoPhillips now holds interests in the Alba Unit and Block D, securing long-term participation in both gas and liquid development. This company is also undergoing an infill drilling campaign in Alba Block, Independent operator Trident Energy continues to deliver strong results from Block G – home to the Ceiba and Okume fields – where it holds a 40.375% operated stake. In late 2024, the company brought online its first infill well and is enhancing subsea integrity through a digital twin solution developed with Canadian technology firm Enaimco.
Upstream oil company Kosmos Energy, a partner in Block G with a 40% participating interest, recently completed an exploration drilling campaign and is reprocessing seismic data with advanced technology to high-grade future opportunities. Both companies are focused on sustaining production while de-risking future development, reinforcing Equatorial Guinea’s status as a hub for upstream investment.
Panoro Energy has also expanded its footprint with the signing of a production sharing contract (PSC) for Block EG-23, in partnership with Equatorial Guinea’s national oil company (NOC) GEPetrol. The shallow-water block covers 600km2 and holds an estimated 104 million barrels of oil and condensate and 215 billion cubic feet of gas in contingent resources. Panoro Energy is initially undertaking subsurface studies before moving into exploration drilling, highlighting the untapped potential of Equatorial Guinea’s offshore acreage.
Meanwhile, hydrocarbon exploration company Vaalco Energy is advancing development of Block P, which holds the Venus discovery and over 20 million bbls of recoverable oil. With a final investment decision expected soon, the project is targeting first oil in 2026 and peak output in 2028.
Chevron recently signed two new PSCs for Blocks EG-06 and EG-11, representing a $2 billion investment with NOC GEPetrol. Located near the Zafiro field, the blocks include deepwater acreage and a prior discovery at Avestruz-1. The agreements underscore the renewed confidence of international majors in Equatorial Guinea’s resource base and fiscal environment, as the country positions itself for a new era of exploration-led growth.
On the regulatory side, Equatorial Guinea is focused on being highly competitive on a global scale. Essential regimes have just gone or are going under a revision for optimization. The oil and gas companies were very instrumental to the recent reform of the Tax Regime, as well as the reform of the Labor Regime. The reform of the Petroleum Regime is said to be active by the end of the year 2025.
“EG Ronda 2026 represents a major step in unlocking Equatorial Guinea’s offshore and onshore potential. It will attract leading investors, drive exploration and stimulate sustainable growth. We are committed to offering world-class fiscal and regulatory terms to support this development” commented Minister Ondo.
