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SUPPLY
Oil production in Equatorial Guinea began in 1993 and has
risen rapidly. This is partly due to oil, gas and condensate fields
developed north of Bioko Island in shallow waters and partly due to a
series of finds, south of Bioko in the Rio Muni basin in deepwaters. The
latter commenced production in 2000 with the Ceiba field.
Further new developments in both shallow and deep waters are forecast
for coming years in both regions, sustaining total production at a
plateau for some time.
Gas production was minimal with most flared or re-injected before 2002
but processing of Alba gas into methanol, a new gas-powered electricity
generating facility and an LNG plant starting operations in 2007 led to
gas output increasing rapidly.
DEMAND
Oil consumption has increased significantly since 1998 as
new indigenous oil has come onstream and the economy has expanded due to
surging export revenue.
Parts of the country’s small population are becoming increasingly
affluent however continued consumption growth will likely be more
modest.
Gas consumption has already increased rapidly as Equatorial Guinea looks
for new markets for its gas, particularly in electricity generation.
Exports have begun primarily directed towards the USA.
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