AGP Executive Report

Offshore Energy & Seismic Data: TGS has signed a multistage deal with Equatorial Guinea’s Ministry of Hydrocarbon and Mining Development to build a harmonised “MegaSurvey” seismic dataset for the Rio del Rey and Rio Muni basins, starting with post-stack reprocessing of about 27,273 km of legacy 2D and roughly 35,000 sq km of 3D, targeted for completion in Q3 2026, with a wider vision of 46,343 line km of 2D and over 59,000 sq km of 3D. Bilateral Trade & Industry Links: President Teodoro Obiang Nguema Mbasogo’s State visit to Zimbabwe is set to deepen cooperation after four MoUs covering education, trade and economic ties, and interpreter/translator training, with both sides pointing to opportunities in agriculture, mining, energy and manufacturing. Regional Commodities: New BEAC data shows CEMAC agricultural export prices fell sharply in Q1 2026, driven mainly by a 24.6% cocoa price drop, while CEMAC energy prices rose 23% on higher oil and gas.

CEMAC Trade Watch: Central African export earnings face a hit as agricultural commodity prices fell sharply in Q1 2026, with BEAC reporting a 21.8% drop in its Composite Commodity Price Index versus Q4 2025—driven mainly by a 24.6% quarter-on-quarter plunge in cocoa, while coffee slipped 4.5%. Energy & Industry Signals: After three quarters of decline, CEMAC export prices edged up 0.7% in Q1 2026 on a rebound in global energy prices, with oil up 22% (to $75.7/bbl) and natural gas up 23.2%, reflecting Middle East tensions and OPEC+ production cuts. Offshore Oil & Gas Development: TGS signed with Equatorial Guinea’s Ministry of Hydrocarbon and Mining Development to build a multi-client offshore MegaSurvey—starting with post-stack reprocessing of ~27,273 km of 2D and ~35,000 sq km of 3D seismic, due in Q3 2026, with a longer-term plan for a seamless basin-wide dataset across Rio del Rey and Rio Muni. Bilateral Business Links: Equatorial Guinea President Teodoro Obiang Nguema Mbasogo’s Zimbabwe state visit is set to culminate in a Bi-National Commission meeting and new agreements spanning economic trade, education, agriculture, and mining. Labour Policy Impact: Kuwait tightened domestic-worker recruitment rules, restricting sourcing and explicitly listing Equatorial Guinea among countries barred under the updated circular.

Diplomacy & Trade: Equatorial Guinea President Teodoro Obiang Nguema Mbasogo is in Zimbabwe for a two-day state visit, with leaders set to co-chair the inaugural Bi-National Commission and sign new cooperation instruments spanning trade, energy, education, agriculture, mining and skills development, building on the recent JPCC framework. Oil & Gas Exploration: TGS has signed an accord with Equatorial Guinea’s Ministry of Hydrocarbon and Mining Development to deliver a multi-client offshore MegaSurvey, starting with post-stack reprocessing of about 27,273 km of legacy 2D and ~35,000 sq km of 3D seismic, targeting completion in Q3 2026, and aiming for a seamless basin-wide dataset across the Rio del Rey and Rio Muni basins. Energy Market Signals: BEAC reports CEMAC export prices rose 0.7% quarter-on-quarter in Q1 2026, driven by a rebound in energy prices, with oil and natural gas both climbing—an upbeat backdrop for Equatorial Guinea’s resource-linked revenues. Regional Cooperation: Belarus’s chargé d’affaires met Equatorial Guinea’s vice-president to discuss practical collaboration in agriculture, machinery supply, construction and education, alongside joint trade and economic projects. Labour Policy Watch: Kuwait tightened domestic-worker recruitment rules, including restrictions affecting source countries such as Equatorial Guinea, reshaping hiring flows into the Gulf.

Diplomatic Push: Equatorial Guinea President Teodoro Obiang Nguema Mbasogo arrived in Harare for a two-day state visit, with Zimbabwe’s Emmerson Mnangagwa set to co-chair a bi-national commission and oversee agreement signings across trade, energy, education, agriculture, mining and skills under ACFTA. Energy & Trade Signals: BEAC data shows CEMAC export prices for Equatorial Guinea and peers rose 0.7% in Q1 2026 after three quarters of decline, driven by higher global oil and natural gas prices amid Middle East tensions and OPEC+ production cuts. Offshore Oil & Gas Tech: TGS secured an Equatorial Guinea offshore seismic megasurvey deal, starting with post-stack reprocessing of about 27,273 km of 2D and ~35,000 sq km of 3D, due in Q3 2026, to boost Rio del Rey and Rio Muni exploration confidence. Regional Energy Cooperation: Qatar’s energy minister met Equatorial Guinea’s mines and hydrocarbons counterpart to discuss energy relations and cooperation. Labour Policy Shock (Gulf): Kuwait tightened domestic-worker recruitment rules, restricting hiring from many African countries that include Equatorial Guinea, raising compliance and sourcing risks for regional workers and agencies. Resource Curse Debate: A new report argues oil and gas wealth across Africa has not delivered inclusive development, citing vulnerability, inequality and weak job creation.

Offshore Seismic Push: TGS has signed with Equatorial Guinea’s Ministry of Hydrocarbon and Mining Development to build a large-scale offshore multi-client MegaSurvey, starting with post-stack reprocessing of ~27,273 km of 2D and ~35,000 sq km of 3D seismic, due in Q3 2026, with a wider plan covering ~46,343 line-km of 2D and 59,000+ sq km of 3D across the Rio del Rey and Rio Muni basins. Energy Market Signals: BEAC reports CEMAC export prices rose 0.7% quarter-on-quarter in Q1 2026, breaking a prior decline, as global energy prices rebounded—oil up to an average $75.7/barrel and natural gas up 23.2%—supporting Equatorial Guinea’s regional export outlook. Regional Cooperation Track: President Teodoro Obiang Nguema Mbasogo is set to visit Zimbabwe for two days, following the JPCC that aims to expand cooperation; expected instruments include economic and trade cooperation, plus MoUs spanning education, agriculture, and mining. Upstream Dealmaking: Galp Energia has signed a tentative MoU to carry out exploration studies on offshore Equatorial Guinea blocks EG-02, EG-09 and H, ahead of a possible production-sharing contract. Oil & Gas Operations Update: VAALCO says production has resumed at the Baobab field (CI-40, offshore Côte d’Ivoire) after a successful FPSO refurbishment—an adjacent West African development worth watching for regional service and supply chains. Policy and Labor Context: Kuwait tightened domestic worker recruitment rules, restricting sourcing from many African countries including Equatorial Guinea, which could affect regional labor flows tied to household services. Resource Curse Debate: A new report argues fossil-fuel wealth across Africa has not delivered sustained, inclusive development, highlighting vulnerability, inequality, and weak job creation—relevant to how Equatorial Guinea and peers manage hydrocarbon revenues.

Offshore Energy & Geoscience: TGS has signed with Equatorial Guinea’s Ministry of Hydrocarbon and Mining Development to build a major offshore multi-client seismic MegaSurvey, starting with post-stack reprocessing of ~27,273 km of 2D and ~35,000 sq km of 3D, targeting completion in Q3 2026, with a wider plan for a nationwide harmonized dataset across the Rio del Rey and Rio Muni basins. Oil & Gas Operations: VAALCO Energy says production has resumed at the Baobab field (CI-40 block, offshore Côte d’Ivoire) after a successful FPSO refurbishment—an update that signals continued momentum in the wider Gulf of Guinea upstream corridor. Exploration Dealmaking: Galp Energia has signed a tentative MoU to run exploration studies on offshore Equatorial Guinea blocks EG-02, EG-09 and H (southeast of Bioko), ahead of a potential production sharing contract as the country prepares a licensing round. Upstream Financing & Partnerships: Europa Oil & Gas partner Antler Global is moving toward completing a farm-out for the EG-08 licence offshore Equatorial Guinea, with Equatorial Guinea approval received and the deal still awaiting China’s Overseas Direct Investment approval; if cleared, the Barracuda-1 well could be spudded in early 2027. Industry & Trade Context: A U.S. trade-in-goods/services update and other regional business items were also reported, but the strongest Equatorial Guinea relevance this week came from the seismic and upstream exploration pipeline.

Offshore Seismic Push: TGS has signed with Equatorial Guinea’s Ministry of Hydrocarbon and Mining Development to build a large-scale offshore multi-client seismic MegaSurvey, starting with post-stack reprocessing of ~27,273 km of 2D and ~35,000 sq km of 3D, targeting completion in Q3 2026, with a wider vision of ~46,343 line-km of 2D and 59,000+ sq km of 3D across the Rio del Rey and Rio Muni basins. Upstream Deal Momentum: Galp Energia is also moving toward offshore exploration work in Equatorial Guinea via a tentative MoU covering blocks EG-02, EG-09 and H near Bioko, while Europa Oil & Gas’ Antler Global farm-out to China’s Fuhai Energy has cleared Equatorial Guinea’s ministry approval and now awaits China ODI sign-off, with a potential Barracuda-1 spud in early 2027. Energy Production Update: VAALCO Energy says the Baobab field (CI-40, offshore Côte d’Ivoire) has restarted after FPSO refurbishment—an adjacent West Africa signal for offshore operators and service demand. Regional Labor Shock: Kuwait’s new domestic worker recruitment rules bar hiring from Kenya and many other African countries (including Equatorial Guinea), tightening the Gulf labor corridor and reshaping staffing flows for households and employers.

Aviation Safety & EU Access: The EU updated its Air Safety List, removing all Kyrgyz-certified air carriers and adding Air Express Algeria, which can no longer operate in the EU due to serious safety concerns—while a new Eurobarometer survey shows strong public trust in the list’s updates. Oil & Gas—Equatorial Guinea Offshore: Galp Energia signed a tentative deal to run exploration studies on offshore Equatorial Guinea acreage (blocks EG-02, EG-09 and H), ahead of a possible production sharing contract as the country prepares a licensing round. Upstream—Farm-out Progress: Europa Oil & Gas’ Antler Global farm-out for offshore Equatorial Guinea (EG-08) cleared Equatorial Guinea’s Ministry of Mines & Hydrocarbons, but still needs China’s ODI approval; if finalized, the Barracuda-1 well could start in early 2027. Energy—Regional Production Update: VAALCO says the Baobab field (CI-40, offshore Côte d’Ivoire) restarted after a nine-month FPSO refurbishment, with more wells expected online soon. Shipping & Maritime: The Marshall Islands Registry highlighted its long-running QUALSHIP 21 record and a legal win involving Equatorial Guinea’s M/T “Heroic Idun,” reaffirming freedom of navigation and flag-state jurisdiction. Local Industry—Beverages: Cameroon’s UCB began canning Kadji Beer (plus Special Pamplemousse and KiQ), following the start of its Moungo production plant, boosting local output and targeting imported canned-drink competition. Energy—Resource Curse Debate: A feature revisits how resource wealth can fail to translate into development, citing cases including Equatorial Guinea.

Oil & Gas (Equatorial Guinea): Galp Energia has signed a tentative memorandum to run exploration studies on offshore Equatorial Guinea blocks EG-02, EG-09 and H, with prospect work aimed at feeding into a future production sharing contract as the country prepares a licensing round. Upstream (Deal progress): Europa Oil & Gas’ partner Antler Global is one step closer to completing a long farm-out for offshore Equatorial Guinea’s EG-08 licence, after Equatorial Guinea’s Ministry approved the deal—pending China’s Overseas Direct Investment approval—while a Barracuda-1 well is now targeted for early 2027. Energy diplomacy: Qatar’s energy minister met Equatorial Guinea’s mines and hydrocarbons minister to discuss energy relations and cooperation. Shipping/Maritime (Equatorial Guinea link): The Marshall Islands Registry highlighted a landmark ITLOS ruling in a case involving Equatorial Guinea’s M/T “Heroic Idun,” reinforcing freedom of navigation and flag-state jurisdiction. Business/Trade (Regional): A U.S. plan to cut visa-processing hubs across Africa to 20 cities keeps Malabo as a designated hub, reshaping travel logistics for business and industry travel.

Oil & Gas Dealmaking: Galp Energia has signed a tentative MoU to run exploration studies on offshore Equatorial Guinea blocks EG-02, EG-09 and H, with prospect work ahead of a possible production sharing contract as the country prepares a licencing round. Upstream Expansion: Europa Oil & Gas’ part-owned Antler Global is moving closer to completing a long farm-out for offshore licence EG-08, after Equatorial Guinea’s Ministry of Mines & Hydrocarbons approved the deal with China’s Fuhai Energy—pending ODI approval—aiming for the Barracuda-1 well to be spudded in early 2027. Energy Diplomacy: Qatar’s energy minister Saad Sherida al-Kaabi met Equatorial Guinea’s mines and hydrocarbons minister Antonio Oburu Ondo to discuss energy relations and cooperation. Regional Industry Context: A U.S. plan to cut visa-processing hubs in Africa to 20 cities keeps Malabo on the list, which could affect travel logistics for business and industry stakeholders.

Oil & Gas Exploration: Galp Energia has signed a tentative deal to carry out exploration studies on offshore acreage in Equatorial Guinea, covering blocks EG-02, EG-09 and H southeast of Bioko Island, with prospect studies and technical analysis ahead of a possible production sharing contract. Upstream Deal-Making: Europa Oil & Gas says Equatorial Guinea’s Mining and Hydrocarbons Ministry has approved a farm-out that brings a new Chinese partner into the EG-08 licence, moving the Barracuda-1 drilling plan toward early 2027 (pending China’s Overseas Direct Investment approval). Energy Industry Outlook: A new Zacks sector note points to improving cash flows for international E&P firms on stronger crude prices and more selective capital spending, highlighting Harbour Energy, Kosmos Energy and VAALCO Energy as names to watch.

Oil & Gas Licensing: Galp Energia has signed a tentative deal to run exploration studies offshore Equatorial Guinea, covering blocks EG-02, EG-09 and H near Bioko, as the country prepares a new licensing round and the MoU could lead to a production sharing contract. Upstream Deal Progress: Europa Oil & Gas says Equatorial Guinea has approved its long-running farm-out for EG-08, clearing the way for Antler Global to sell 40% to Fuhai Energy, with drilling on the Barracuda-1 prospect now targeted for early 2027 after China’s ODI approval. Shipping & Maritime Law: The Marshall Islands Registry highlighted its support for the Republic of Equatorial Guinea in a landmark ITLOS case involving the M/T “Heroic Idun,” reinforcing freedom of navigation and flag-state jurisdiction—an issue that matters for offshore operators and logistics. Industry & Services Ecosystem: The 929 Challenge is expanding into AIE Expo Macao with a new startup acceleration programme aimed at helping firms enter the Greater Bay Area, with Equatorial Guinea included among the Portuguese-speaking countries in the programme.

Oil & Gas Dealmaking: Galp Energia has signed a tentative MoU to run exploration studies on offshore Equatorial Guinea blocks EG-02, EG-09 and H, with work focused on prospect and technical analysis ahead of a possible production sharing contract. Upstream Farm-Out Progress: Europa Oil & Gas says Equatorial Guinea has approved its farm-out that brings Fuhai (Beijing) Energy into EG-08, moving the Barracuda-1 drilling plan toward early 2027 (pending China’s ODI approval). Local Industry & Production: Europa’s EG-08 update also highlights how Chinese-backed funding is shaping timelines and drilling readiness for Equatorial Guinea’s offshore gas potential. Regional Policy Spillover: A U.S. restructuring plan will cut Africa visa-processing hubs from nearly 50 to 20, keeping Malabo as one of the designated locations—important for travel and business logistics tied to the country’s wider industry links.

Oil & Gas—Equatorial Guinea: Galp Energia has signed a tentative deal to run offshore exploration studies in Equatorial Guinea, covering blocks EG-02, EG-09 and H near Bioko, ahead of a possible production sharing contract. Upstream—Farm-out progress: Europa Oil & Gas says Equatorial Guinea has approved its farm-out to Chinese partner Fuhai for the EG-08 licence, clearing the way for Barracuda-1 drilling plans—now targeted for early 2027—pending China’s Overseas Direct Investment approval. Industry & Manufacturing—Beverages: Cameroon’s UCB has started canning Kadji Beer and added canned Special Pamplemousse and KiQ energy drink, following the launch of its Moungo production plant near Douala. Energy—Regional household impact: Nigeria’s cooking gas prices have jumped sharply, raising fears of shortages and pushing households toward costlier and more polluting fuel options. Trade & Services—US visa hubs: The US plans to cut Africa visa-processing missions from nearly 50 to 20 hubs, with Malabo listed among the designated locations.

Oil & Gas Dealmaking: Galp Energia has signed a tentative MoU to run exploration studies on offshore Equatorial Guinea blocks EG-02, EG-09 and H, ahead of a possible production sharing contract as the country prepares a licensing round. Upstream Farm-Out Progress: Europa Oil & Gas says Equatorial Guinea has approved its farm-out deal for EG-08, clearing Antler Global to sell 40% to Fuhai (Beijing) Energy—still pending China’s ODI approval—while drilling for the Barracuda-1 prospect is now targeted for early 2027. Shipping & Maritime Law: The Republic of the Marshall Islands Registry highlighted a recent ITLOS ruling in the Republic of the Marshall Islands v. Republic of Equatorial Guinea case over the detained MT “Heroic Idun,” reinforcing freedom of navigation and flag-state jurisdiction, with industry figures also recognized at Posidonia.

Oil & Gas Dealmaking: Galp Energia has signed a tentative MoU to run exploration studies on offshore Equatorial Guinea blocks EG-02, EG-09 and H, ahead of a possible production sharing contract as the country prepares a licensing round. Upstream Farm-Out Progress: Europa Oil & Gas says Equatorial Guinea approved its farm-out to Chinese partner Fuhai for EG-08, moving the Barracuda-1 drilling plan to early 2027, pending China’s ODI approval. Shipping & Maritime Law: The Republic of the Marshall Islands Registry highlighted Posidonia recognition and a fresh ITLOS ruling in the Republic of the Marshall Islands v. Equatorial Guinea case over the MT “Heroic Idun,” reinforcing freedom of navigation and flag-state jurisdiction. Local Industry & Consumer Goods: UCB (Union Camerounaise de Brasseries) is expanding canned beverages in Cameroon, with its new Moungo plant near Douala boosting capacity—an indirect signal of regional competition that can affect cross-border drink supply chains.