Equatorial Guinea’s Ministry of Mines and Hydrocarbons (MMH) will target increased foreign capital and E&P activities in 2021, following its recent evaluation of 2021 Work and Budget Programs.

The MMH forecasts foreign direct investment for 2021 of approximately $1.1 billion, comprising $832.4 million in firm commitments and $370.6 million in contingent investment.

As a result of augmented investment inflows, the Central African producer expects a parallel increase in hydrocarbon production, supported by new exploration wells drilled in Trident Energy’s Block G.

Earlier this year, in response to COVID-19, the MMH implemented special extensions to enable operators to continue to carry out capital-intensive E&P activities.

In March, the MMH also waived fees for oil and gas service companies operating in-country to help service providers maintain liquidity and avoid job losses.

“Equatorial Guinea remains committed to providing an enabling environment for companies to operate in the country in good and bad times. We will continue to engage with all operators to make sure that the best measures are taken to support the recovery of upstream activities,” said H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.

The country is also prioritizing the development of several key infrastructure and downstream projects, with the aim of adding value to domestic crude production and facilitating a post-COVID-19 recovery through energy diversification initiatives.

“As the upstream sector looks up, the Ministry of Mines and Hydrocarbons will also continue its efforts to promote the key projects and opportunities that have made its Year of Investment a success despite challenging conditions this year,” Minister Lima added.