Natural resources, energy and environment
In 1992, oil was found in Equatorial Guinea
and in just over a decade the country developed into one
of Africa's largest oil producers. All oil is extracted
at sea and oil extraction has largely been handled by
American companies.
Between 1997 and 2005, oil production increased
sevenfold, to 355,000 barrels per day. But during the
second half of the 1990s, the rate of increase in the
oil industry slowed, as production at the country's
three major oil fields began to reach its maximum
levels. With an estimated 4.3 percent of the world's oil
reserves, Equatorial Guinea is still one of the five
largest oil producers in Africa, but by the middle of
the 10th production had dropped to around 300,000
barrels per day and the oil is expected to run out by
2030. Instead, the natural gas sector hopes to expand
following a number of investments, in addition to US
companies, also important gas stakeholders such as
Spanish Unión Fenosa, Portuguese Galp Energia and
Russian Gazprom, as well as a number of British and
Japanese companies.
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COUNTRYAAH:
Major exports by Equatorial Guinea with a full list of the top products exported by the country. Includes trade value in U.S. dollars and the percentage for each product category.
Other natural resources are the country's forests,
which provide timber for export. In the country there
are also still unused minerals such as gold, uranium,
iron ore and titanium as well as zinc, diamonds and
tantalite. However, it is doubtful whether these
deposits are large enough for extraction to pay off.
The energy sector is dominated by oil or gas-powered
power plants, but there are also two smaller hydropower
plants. The country's electricity grid basically only
covers the big cities. The supply of electricity is
unreliable and power outages are common, as the wires
are often old and poorly maintained. Since 2008, aid and
credits from China have contributed to the commencement
of a substantial expansion of the electricity supply, to
the benefit of both cities and rural areas. It is even
hoped that electricity will eventually be able to be
exported to neighboring countries.
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Abbreviationfinder: A popular acronym site in the world covering abbreviation for each country. For example, GQ stands for Equatorial Guinea.
Firewood and charcoal are the main sources of energy
for people in the country. Small diesel powered power
plants are also used.
Developments in the oil and forest industry have
created several environmental problems. Oil spills have
hit the coasts and through intensive harvesting, large
rainforest areas have been destroyed, resulting in soil
degradation. In 2009, the US-based human rights
organization Human Rights Watch released a critical
report on how Equatorial Guinea uses its oil revenues:
"Well Oiled - Oil and Human Rights in Equatorial
Guinea".
FACTS - ENERGY AND ENVIRONMENT
Energy use per person
2 642 kilo oil equivalents (2007)
Carbon dioxide emissions in total
5 346 thousand tonnes (2014)
Carbon dioxide emissions per inhabitant
4.7 tonnes (2014)
The share of energy from renewable sources
7.8 percent (2015)
2012
August
Lobbyists improve the country's reputation
Equatorial Guinea celebrates a public relations triumph when the American
Leon H Sullivan Foundation presents a human rights conference to the luxury
holiday village of Sipopo on the island of Bioko. It is seen as the fruit of the
regime's use of American lobbyists to plague its shameful reputation. The PR
campaign is believed to have contributed to Equatorial Guinea becoming
co-organizer of the African Football Championships in early 2012, and the UN
agency awarded UNESCO a prize award named after President Obiang (see
October 2010).
July
The Theodorin's palace in Paris is confiscated
French police issue a formal international arrest warrant against President
Obiang's son Teodorín, who is suspected of financial crime. The French
authorities confiscate his palace-like residence in Paris, valued at the
equivalent of about one billion kronor.
June
Criminally suspected son becomes vice president
President Obiang conducts a major government reform and places close
relatives on twelve ministerial posts. The son Teodorín, called for financial
crime in France and the United States, is appointed vice president.
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