Eni has signed a reconnaissance license agreement with the government of Equatorial Guinea, positioning the Italian company to potentially acquire exploration acreage. This agreement permits Eni to conduct preliminary geological analysis and evaluation activities, though the specific acreage covered was not disclosed.

Context of Upstream Revival

This development follows recent agreements by Chevron and state-owned Gepetrol to commercialize gas resources in the Aseng field and the cross-border YoYo-Yolanda discovery. These deals signal a potential revival of upstream exploration and production in Equatorial Guinea, a nation where such activities have stagnated and production has been declining for years.

Government Perspective and Upcoming Licensing Round

Equatorial Guinea's Minister of Mines & Hydrocarbons emphasized that the country is swiftly moving from agreements to implementation. The strategy involves empowering the national oil company while collaborating with global partners to create a balanced, investable, and execution-driven energy sector designed to deliver value for both citizens and investors.

Eni's agreement precedes the launch of a new licensing round, EG Ronda, scheduled for April. This round will cover 24 blocks and features updated fiscal terms, including a 10% reduction in corporate tax. The bidding period for this round is set to run until November 2026.