AGP Executive Report
Last update: 8 hours agoKosmos Energy: The company reported a $43 million third-quarter loss but $35 million in adjusted net income. Production averaged 69,200 barrels of oil equivalent per day, up 6% year over year; growth was 17% excluding Equatorial Guinea. Kosmos also cut net debt by more than $500 million. Currency: Old CFA franc coins lost legal-tender status across CEMAC on November 1, including in Equatorial Guinea. Holders can exchange them at banks, microfinance institutions or the BEAC until July 31, 2027. Oil and Gas: Chevron is weighing a 50% increase in exploration spending in 2027, with Equatorial Guinea among potential targets. Chinese refiners have also bought the country’s Ceiba crude for December delivery, paying premiums of up to $20 a barrel over Brent as shipping costs eased. Energy Investment: The new $5 billion Africa Energy Bank aims to finance projects across the energy industry. Panoro Energy, meanwhile, added a Côte d’Ivoire gas asset to its portfolio, which already includes oil production in Equatorial Guinea. Russia Ties: Vladimir Putin said Russia and Equatorial Guinea could expand trade and investment in energy and mining, while acknowledging bilateral trade has declined.
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