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Equatorial Guinea: Economic Developments 2013

posted by www.equatorialguineaonline.com – June 24th, 2013

 

The disappointing results of 2012 may be due to weak progress in hydrocarbon output (especially gas), falling world timber prices, the less favourable environment in the building industry and a slowdown in trade, restaurants, hotels and other services.

Oil production was slightly higher in 2012 than in 2011, according to the latest figures: 110.2 million  barrels by 31 December 2012, compared to 102.2 million barrels the previous year, representing a 7.9% rise, less than projections, which were expecting a 10.5% increase. Noble Energy brought the new Aseng field into production in November 2011 and this made up for falling production from the fields at Ceiba-Okoumé operated by Amerada Hess, Alba (Marathon), Zafiro, Jade and Serpentina (ExxonMobil), where some wells had peaked.

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