AGP Executive Report

Bi-National Commission & Peace Diplomacy: Equatorial Guinea President Teodoro Obiang Nguema Mbasogo used Zimbabwe’s UNSC win to reaffirm support for global peace and the UN Charter during the Bi-National Commission talks in Harare. Trade & Investment MoUs: The two countries signed four MoUs covering education, economic/trade cooperation, interpreter and translator training, and Joint Commission procedures—aimed at unlocking more business in agriculture, mining, tourism, energy and manufacturing. Offshore Energy Push: Norwegian seismic firm TGS agreed a major offshore MegaSurvey for Equatorial Guinea, starting with reprocessing about 27,273 km of 2D and 35,000 sq km of 3D data, targeting completion in Q3 2026 across the Rio del Rey and Rio Muni basins. Regional Export Pressure: CEMAC agricultural export earnings faced a hit as cocoa prices fell sharply, dragging the region’s agricultural commodity price index in early 2026. Digital Access: Google expanded Chrome’s “Ask Gemini” rollout to include Equatorial Guinea among other African markets, boosting AI-assisted search and information tools.

Offshore Energy Deal: TGS has signed a multistage agreement with Equatorial Guinea’s Ministry of Hydrocarbon & Mining Development to harmonise offshore seismic data into a “MegaSurvey,” starting with post-stack reprocessing of about 27,273 km of 2D and 35,000 sq km of 3D, due in Q3 2026, with a wider plan covering 46,343 km of 2D and 59,000+ sq km of 3D across the Rio del Rey and Rio Muni basins. Diplomacy & Trade: President Teodoro Obiang Nguema Mbasogo’s State visit to Zimbabwe is set to deepen cooperation after four MoUs were signed in Harare covering education, economic/trade ties, interpreter and translator training, and Joint Commission procedures, with a Bi-National Commission expected to co-chair and sign more agreements. Regional Markets: CEMAC export earnings face pressure as agricultural commodity prices fell in Q1 2026, with cocoa down 24.6% driving a 21.8% drop in the agricultural export price index; energy prices later helped lift the overall index. Tech & Services: Google is expanding “Ask Gemini in Chrome” to Equatorial Guinea alongside other African markets, aiming to make AI search and understanding more accessible. Aviation Safety: The EU Air Safety List update keeps Equatorial Guinea among countries with banned airlines, reinforcing restrictions on carriers deemed not to meet international safety standards.

CEMAC Trade & Prices: BEAC data show Central African agricultural export prices fell 21.8% in Q1 2026 versus Q4 2025, with cocoa down 24.6% quarter-on-quarter as the main drag—an issue that matters for Equatorial Guinea’s export earnings. Energy Markets: The same BEAC index also reports a partial rebound elsewhere in the region: energy prices rose 23% in Q1 2026, lifting oil (quarterly average $75.7/bbl) and natural gas prices, after three quarters of decline. Offshore Oil & Gas: TGS won a contract with Equatorial Guinea’s Hydrocarbon and Mining Ministry to build a large offshore multi-client seismic MegaSurvey—starting with post-stack reprocessing of ~27,273 km of 2D and ~35,000 sq km of 3D, due in Q3 2026, covering the Rio del Rey and Rio Muni basins. Diplomacy & Deals: President Teodoro Obiang Nguema Mbasogo is in Zimbabwe for a two-day state visit, with a Bi-National Commission meeting expected to unlock new agreements across trade, energy, education, agriculture, mining and skills development. Digital Access: Google is rolling out “Ask Gemini in Chrome” to Equatorial Guinea as part of a wider Africa expansion, aiming to make AI search and understanding more widely available. Aviation Compliance: The EU Air Safety List update keeps Equatorial Guinea among the banned carriers, limiting access to EU skies over safety oversight concerns.

Zimbabwe–Equatorial Guinea Diplomacy: President Teodoro Obiang Nguema Mbasogo arrived in Harare for a two-day state visit, with leaders set to co-chair the inaugural Bi-National Commission and sign cooperation deals spanning trade, energy, education, agriculture, mining and skills development. CEMAC Trade & Energy Signals: BEAC’s Composite Commodity Price Index shows a 0.7% quarter-on-quarter rise in CEMAC export prices in Q1 2026, driven by a 23% jump in energy prices (oil and natural gas), marking a break from the prior downward trend. Offshore Oil & Gas Data Push: TGS won a contract to deliver Equatorial Guinea’s first phase of a large-scale offshore multi-client seismic MegaSurvey, including post-stack reprocessing of about 27,273 km of 2D and ~35,000 sq km of 3D, due in Q3 2026. Digital Access: Google expanded “Ask Gemini in Chrome” to Equatorial Guinea alongside other African markets, aiming to make AI search and understanding more accessible. Aviation Safety Watch: The EU Air Safety List update keeps Equatorial Guinea among countries with banned airlines from EU skies, while adding Air Express Algeria and removing Kyrgyzstan-certified carriers.

CEMAC Export Outlook: BEAC says CEMAC export prices rose 0.7% in Q1 2026, with energy prices up 23% after a rebound in oil and natural gas—good news for Equatorial Guinea’s external earnings after three quarters of decline. Offshore Energy & Exploration: TGS has won a contract with Equatorial Guinea’s Hydrocarbon and Mining Ministry to build an offshore MegaSurvey, starting with post-stack reprocessing of about 27,273 km of 2D and 35,000 sq km of 3D, due in Q3 2026, covering the Rio del Rey and Rio Muni basins. Diplomacy for Trade: President Teodoro Obiang Nguema Mbasogo is in Zimbabwe for a two-day state visit, with talks expected to produce agreements on economic and trade cooperation, education, agriculture, mining and skills—under the ACFTA framework. Digital Services: Google is expanding Ask Gemini in Chrome to Equatorial Guinea along with other African markets, aiming to make AI search and understanding more accessible. Labour Policy Watch: Kuwait has tightened domestic worker recruitment rules, banning hiring from Equatorial Guinea among many others—an important reminder for regional labour flows. Energy Governance Debate: A new report argues fossil-fuel wealth across Africa hasn’t delivered inclusive development, highlighting extractive economies, weak jobs and vulnerability—relevant to resource-dependent states like Equatorial Guinea.

Energy & Trade: BEAC says CEMAC’s export price index rose 0.7% in Q1 2026 after three quarters of decline, driven by a 23% jump in energy prices as oil and gas strengthened on Middle East tensions and OPEC+ output cuts. Oil & Gas (EG): TGS won a new Africa/Middle East streamer acquisition contract and also confirmed its first-phase Equatorial Guinea offshore MegaSurvey, covering post-stack reprocessing of ~27,273 km of 2D and ~35,000 sq km of 3D, targeting completion in Q3 2026 for the Rio del Rey and Rio Muni basins. Diplomacy & Business Links: President Teodoro Obiang Nguema Mbasogo is set to visit Zimbabwe for two days, with agreements expected on economic and trade cooperation, education, agriculture and mining under the recently launched JPCC. Digital Economy: Google expanded “Ask Gemini in Chrome” to Kenya, Nigeria, South Africa—and included Equatorial Guinea—bringing built-in AI search and understanding to more African locales. Finance & Regulation: CABS held in Yaoundé, with regulators from the CEMAC region (including Equatorial Guinea) discussing how to strengthen prudential cooperation amid digital finance and new instruments. Labour Policy (Regional): Kuwait tightened domestic worker recruitment to only 10 approved countries, banning many African sources including Equatorial Guinea.

Offshore Energy Investment: TGS says it has signed with Equatorial Guinea’s Ministry of Hydrocarbons and Mining Development to build a major offshore multi-client seismic “MegaSurvey,” starting with post-stack reprocessing of about 27,273 km of 2D and roughly 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. New Exploration Moves: Galp Energia has signed a tentative MoU to run prospect studies offshore Equatorial Guinea on blocks EG-02, EG-09 and H, ahead of a possible production-sharing contract, marking a potential formal entry into the country’s licensing round. Oil & Gas Deal Progress: Europa Oil & Gas’ Antler Global farm-out on EG-08 has been approved by Equatorial Guinea’s ministry, with the remaining step being China’s Overseas Direct Investment approval; if cleared, the Barracuda-1 well could start in early 2027, with Fuhai funding most costs. Regional Finance Oversight: Banking regulators from across Africa are meeting in Yaoundé under CABS to strengthen prudential cooperation and financial stability, with Equatorial Guinea included via the CEMAC supervisory framework.

Offshore Energy Investment: TGS signed with Equatorial Guinea’s Ministry of Hydrocarbons and Mining to build a large offshore multi-client seismic dataset, starting with post-stack reprocessing of about 27,273 km of 2D and ~35,000 sq km of 3D, targeting completion in Q3 2026, with a wider MegaSurvey vision spanning ~46,343 line km of 2D and 59,000+ sq km of 3D across the Rio del Rey and Rio Muni basins. Upstream Exploration Dealmaking: Galp Energia signed a tentative MoU for exploration studies on offshore blocks EG-02, EG-09 and H near Bioko, ahead of a potential production sharing contract as Equatorial Guinea prepares a licensing round. Regional Finance Oversight: Banking regulators from across Africa met in Yaoundé for CABS discussions on strengthening prudential cooperation and financial stability, with Equatorial Guinea included in the CEMAC supervisory bloc. Human Rights & Migration: Rights groups filed a complaint at the African Commission over alleged U.S. deportations to Equatorial Guinea, seeking a halt to further removals and legal access for deportees. Business Environment Watch: A week of coverage also flagged broader policy shifts affecting labor and mobility in the region, including tighter Gulf domestic-worker recruitment rules that list Equatorial Guinea among banned source countries.

Oil & Gas Deal: Galp Energia signed a tentative exploration MoU for offshore Equatorial Guinea blocks EG-02, EG-09 and H, with studies ahead of a possible production sharing contract as the country prepares a licensing round. Upstream Operations: VAALCO Energy said the Baobab field on CI-40 (offshore Côte d’Ivoire) restarted after a successful FPSO refurbishment, with production resuming from four wells and more expected online soon—an update that matters for regional investor sentiment. Energy Investment Pipeline: Europa Oil & Gas’ Antler Global farm-out covering EG-08 in Equatorial Guinea cleared Equatorial Guinea’s Mining & Hydrocarbons approval, but still needs China’s ODI nod; Barracuda-1 drilling is now targeted for early 2027. Regional Finance Oversight: Banking regulators met in Yaoundé for CABS discussions on strengthening prudential cooperation and financial stability amid digital finance and new instruments—relevant for Equatorial Guinea’s banking environment. Human Rights & Migration: Rights groups filed a complaint with the African Commission over U.S. deportations of 14 people to Equatorial Guinea, alleging violations and seeking action to halt further removals. Labour Mobility Watch: Kuwait restricted domestic worker recruitment to 10 approved countries and banned 27 others, including Kenya and Nigeria—another reminder of how cross-border labour rules can quickly reshape regional flows.

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 potential production sharing contract as the country prepares a licensing round. Energy Operations: VAALCO Energy says the Baobab field on Côte d’Ivoire’s CI-40 block is back online after a successful nine-month FPSO refurbishment in Dubai, with production restarted from four wells and more expected to come online. Upstream Expansion (EG): Europa Oil & Gas’ Antler Global farm-out covering EG-08 is approved by Equatorial Guinea’s Ministry of Mining & Hydrocarbons, with the deal still pending China’s ODI approval; the Barracuda-1 exploration is now targeted for early 2027. Finance & Regulation: Banking supervisors from across Africa are meeting in Yaoundé to strengthen prudential cooperation and financial stability amid digital finance growth and new instruments, with Equatorial Guinea included in the CEMAC regulator’s remit. US Access & Mobility: The US plans to cut visa-processing posts across Africa from nearly 50 to 20 hubs, including Malabo, reshaping travel logistics for business and students.

Oil & Gas (Regional): VAALCO Energy says production has restarted at its Baobab field on Côte d’Ivoire’s CI-40 block after a nine-month FPSO refurbishment in Dubai, with four wells back online and three more expected soon; the restart supports a planned 2026 development drilling push. Exploration (Equatorial Guinea): Galp Energia has signed a tentative MoU to run exploration studies offshore Equatorial Guinea across blocks EG-02, EG-09 and H ahead of a possible production sharing contract, as the country prepares a licensing round. Finance & Regulation (CEMAC): Banking regulators are meeting in Yaoundé under the Community of African Banking Supervisors to strengthen prudential cooperation amid digital finance growth and new financial risks, with Equatorial Guinea included in the CEMAC supervisory bloc. US Visa Access (Malabo impact): The US plans to cut Africa’s visa-processing missions from nearly 50 to 20 hubs, including Malabo, meaning applicants in non-hub countries may need to travel farther and face higher costs. Human Rights (Equatorial Guinea): Rights groups have filed a complaint with the African Commission over alleged deportations of people from the US to Equatorial Guinea, seeking a halt to further removals and legal access.

US Visa Access Shift: The U.S. plans to cut Africa’s visa-processing network from nearly 50 embassies/consulates to 20 “hub” cities, including Malabo (Equatorial Guinea), meaning applicants from non-hub countries may need to travel farther and pay more for interviews and biometrics. Oil & Gas (Equatorial Guinea): Galp signed a tentative deal to run exploration studies on offshore Equatorial Guinea blocks EG-02, EG-09 and H, as the country prepares a licensing round. Upstream Deal Progress: Europa Oil & Gas said Equatorial Guinea approved a farm-out that brings Fuhai (Beijing) Energy into the offshore EG-08 license, with drilling for the Barracuda-1 prospect targeted for early 2027 after China’s ODI approval. Human Rights & Deportations: Rights groups have filed a complaint with Africa’s human rights body over alleged U.S. deportations to Equatorial Guinea, seeking a halt to further removals and access to legal representation. Regional Security: Liberia’s ambassador to ECOWAS urged a regional task force to tackle illicit drug trafficking, arguing no single country can handle cross-border flows alone.

Startup & Innovation: The 929 Challenge is expanding into Macau’s AIE Expo 2026, with a new acceleration programme aimed at helping startups enter the Greater Bay Area market and gaining direct access to 900+ exhibitors and 50,000 industry visitors. Oil & Gas (Equatorial Guinea): Galp Energia has signed a tentative MoU to carry out offshore exploration studies in Equatorial Guinea, covering blocks EG-02, EG-09 and H near Bioko, ahead of a potential production sharing contract. Energy M&A (Equatorial Guinea): Europa Oil & Gas says Equatorial Guinea has approved its long-running farm-out deal to a Chinese partner for the EG-08 licence, moving the Barracuda-1 drilling plan toward early 2027 (pending China ODI approval). Finance & Regulation (CEMAC): Banking supervisors from across Africa are meeting in Yaoundé to strengthen prudential cooperation as digital finance and new instruments raise supervisory risks, with Equatorial Guinea included in the CEMAC regulator network. US Visa Access (Malabo): The US plans to cut visa-processing posts across Africa to 20 hubs, including Malabo, meaning applicants from non-hub countries may need to travel farther for interviews and services. Human Rights (Equatorial Guinea): Rights groups have filed a complaint over US deportations of 14 people to Equatorial Guinea, asking for a halt to further removals and access to legal representation.

Oil & Gas Deal: Galp Energia is moving into Equatorial Guinea’s offshore upstream after signing a tentative MoU to run exploration studies on blocks EG-02, EG-09 and H, ahead of a possible production sharing contract as the country prepares a licensing round. Energy M&A: Europa Oil & Gas said Equatorial Guinea approved its farm-out step for offshore EG-08, clearing Antler Global to sell 40% to Fuhai (Beijing) Energy, with the deal still pending China’s Overseas Direct Investment approval; drilling for the Barracuda-1 prospect is now expected in early 2027. US Visa Access: The U.S. plans to cut visa-processing missions across Africa from nearly 50 to 20 hubs, including Malabo, meaning applicants from non-hub countries may need to travel farther and face higher costs. Finance & Regulation: African banking supervisors are meeting in Yaoundé to strengthen prudential cooperation and financial stability amid digital finance and new instruments. Human Rights Watch: Rights groups have filed a complaint over U.S. deportations of 14 people to Equatorial Guinea, asking the African Commission to halt further removals and ensure legal access.

Oil & Gas Deal in Focus: Galp Energia is moving closer to its first formal exploration push in Equatorial Guinea after the country approved a farm-out that brings a Chinese partner into offshore blocks EG-02, EG-09 and H, with drilling work expected to ramp up toward early 2027. Energy Licensing & Investment: Separately, Europa Oil & Gas said Equatorial Guinea cleared the sale of a 40% stake in the EG-08 production sharing contract to Fuhai Energy, pending China’s Overseas Direct Investment approval, with Fuhai set to fund 95% of the Barracuda-1 well costs up to $53m. Banking Regulation: Financial supervisors from across Africa met in Yaoundé for CABS discussions on strengthening prudential cooperation and financial stability amid digital finance and new instruments, with Equatorial Guinea included in the CEMAC supervisory footprint. US Visa Access for Malabo: The US plans to cut visa-processing missions across Africa to 20 hubs, including Malabo, meaning applicants from non-hub countries may face extra travel and higher costs. Human Rights Watch: Rights groups have filed a complaint over US deportations of 14 people to Equatorial Guinea, asking the African Commission to halt further removals and ensure legal access.

Oil & Gas Dealmaking: Galp Energia has signed a tentative memorandum to carry out exploration studies offshore Equatorial Guinea, covering blocks EG-02, EG-09 and H southeast of Bioko, ahead of a potential production-sharing contract as the country prepares a licensing round. Energy M&A: In a separate Equatorial Guinea-linked move, Europa Oil & Gas said its farm-out agreement to sell 40% of its EG-08 interest to China’s Fuhai Energy has been approved by Equatorial Guinea’s Mining & Hydrocarbons Ministry, with the deal still awaiting China’s Overseas Direct Investment clearance; drilling for the Barracuda-1 prospect is now expected in early 2027. Banking Regulation: Banking supervisors from across Africa are meeting in Yaoundé (June 4–5) under CABS to strengthen prudential cooperation and financial stability, with Equatorial Guinea included in the CEMAC supervisory circle. US Visa Access: The US plans to cut visa-processing posts across Africa from nearly 50 to 20 hubs, including Malabo, which could reshape travel and costs for business and students seeking US visas.