Equatorial Guinea has fewer than seven oil and gas exploration blocks available, down from more than 20 a year ago, Mines, Hydrocarbons and Energy Minister Antonio Oburu Ondo said at African Energy Week in Cape Town.

Oburu Ondo said U.S. and European companies accounted for most of the recent uptake, with some Asian investors also taking up acreage.

Speaking at the Global Energy Leaders Forum, he said the government had changed its approach to awarding exploration rights in May, allowing companies to negotiate directly with the ministry rather than wait for licensing rounds.

“When I was here last year, we had more than 20 blocks available. Today, we have only a handful of them, I believe less than seven,” he said, according to a statement distributed by the African Energy Chamber.

Government changes licensing approach

The move to direct negotiations is intended to give energy companies a more immediate route to discuss exploration opportunities with the government.

Equatorial Guinea is seeking to attract fresh investment into its oil and gas industry as it looks to develop remaining resources and sustain activity in a sector that has long been central to its economy.

The revised approach allows companies to present proposals directly to the authorities instead of relying solely on periodic licensing rounds. The ministry has said the policy will remain in place until further notice.

The reported decline in available acreage suggests that the government has attracted interest from prospective investors. However, the number of blocks still open for investment needs clarification.

The official EG Ronda website lists 12 available blocks, compared with the fewer than seven cited by Oburu Ondo. It was not immediately clear whether the difference reflects a change in availability or different definitions of the acreage being offered.

The ministry’s confirmation of the figures would help investors assess the remaining opportunities.

U.S. investment and energy cooperation

The discussions at African Energy Week also highlighted the potential role of U.S. investment in African energy projects.

Joshua Volz, the U.S. Department of Energy’s special envoy for global energy integration, said U.S. development finance institutions were seeking closer partnerships with African downstream projects, particularly in refining.

“When the United States takes an equity position in a project, that’s a long-term commitment,” Volz said, according to the African Energy Chamber statement.

An equity investment gives an investor an ownership stake in a project, potentially providing capital for development while sharing commercial risks with other investors.

Volz also highlighted the importance of local investment in attracting international capital.

Oburu Ondo said legal stability and predictable regulation were important to companies considering long-term energy investments.

Exploration projects can require substantial upfront spending, with returns dependent on discoveries, development costs and future production.

Gas projects remain part of the strategy

Equatorial Guinea is also seeking to expand its natural gas industry through regional cooperation and investment in processing infrastructure.

Its Gas Mega Hub initiative aims to bring together gas resources from Equatorial Guinea and neighbouring countries for processing and export. The strategy is intended to support the country’s role in regional gas markets beyond its existing production.

In February 2026, Equatorial Guinea and Italian energy company Eni signed a reconnaissance licence agreement covering preliminary geological analysis and evaluation, according to information cited in the original report.

The government has also pursued cooperation with Cameroon over the Yoyo-Yolanda gas fields, a cross-border development that could support regional gas production if the projects advance.

These initiatives require further investment, infrastructure and commercial agreements before their full economic contribution can be established.