Country Analysis Brief: Equitorial Guinea
Source: Energy Information Administration
Equatorial Guinea has become a significant oil exporter since the discovery and development of large offshore oil reserves in the mid-1990s. While oil production has increased from 5,000 barrels per day (bbl/d) to current levels of close to 365,000 bbl/d, production rates are declining and affecting government revenues which are almost entirely dependent on the sector. According to the International Monetary Fund’s (IMF) latest data, oil exports accounted for close to 75 percent of GDP in 2007. The hydrocarbon sector – mostly crude oil with liquefied natural gas (LNG) playing an increasingly greater role – represented over 95 percent of government revenue and 99 percent of export earnings.

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