ABOUT GEPETROL
CREATION
Guinea Ecuatorial de Petróleos ( Gepetrol ), is the National Petroleum Company of Equatorial Guinea created by Decree of the Presidency of the Republic 75/2001 of August 27, 2001 to:
- Manage and control the interests of the State in the oil industry in Equatorial Guinea, acquired through the Participation Contracts in the Production of liquid hydrocarbons, which the State manages with the operators of the oil concessions in the Republic of Equatorial Guinea.
- Manage the sale of the participation that corresponds to the State in the distribution of the production of liquid hydrocarbons.
- Processing and transformation of crude oil into derivatives with the implementation of industrial refining, storage and distribution projects.
- Increase the participation of the State in the different oil activities throughout its value chain from upstream to downstream.
- Promote and develop the training and qualification of Equatorial Guineans for their effective performance in both operations and services in said sector.
- Diversify the activities of the sector with the creation of joint service companies, increase the employability of the national workforce and the preferential use of locally produced goods and services.
- Implement the Government’s policy on National Content in all its modalities.
- Promote investment opportunities in the national oil sector, as well as participation in profitable projects in the sector outside our borders.
MILESTONES IN THE HISTORY OF GEPETROL
In February 2002 , GEPetrol opened its doors as a company in the city of Malabo, and in May of the same year it opened its representative office in the city of London, in order to carry out the marketing of crude oil belonging to the State, and put successfully marketed its first shipment.
Also in 2002 , GEPetrol participated in the Laying of the First Stone for the Construction of the Malabo II Highway and the GEPetrol headquarters in the same area.
Between 2002 and 2003, GEPetrol, in its capacity as an experienced partner in the offshore operational activities of Equatorial Guinea, recommended to the Government and the operator Hess, the change of the Development Program of the discoveries of the Okume-Aseng complex into compartments.
In 2003 , GEPetrol, after its first 3D seismic campaign, launched its first round of bidding for offshore blocks on Bioko Island, to attract multinationals in the national oil sector. Negotiates its first Production Participation Contracts, based on the new fiscal terms granted by the State.
In 2003 , the Concession Agreement for the Luba Free Port was signed between GEPetrol, Luba Freeport and the Government, transforming it into a logistics base for oil services in the Gulf of Guinea, and activity also began with the joint oil supply company. LOTEG fuel, installed in the same port. In 2003, GEPetrol participated with an overwhelming interest in the creation of the CEMAC Monetary Securities Exchange (BVMAC) based in Libreville, Gabon.
As a result of the 2003 GEPetrol Bidding Round, gas condensate is discovered in Block O, operated by Noble Energy.
In 2004, the participating interest in Equatorial Guinea Equity increases from 5 to 12 and 20% in the oil sector.
In 2004 , construction of the natural gas (LNG) liquefaction plant in Punta Europa began. Project funded by GEPetrol, Marathon, Mitsui and Marubeny.
In 2005 , crude oil was discovered in Block P, tendered by GEPetrol in 2003, and operated by Devon Energy.
Also in 2005 , the National Gas Company (SONAGAS) was created to manage and control Equatorial Guinea’s interest in the natural gas processing sector.
In the same year, 2005, El Campo Alen, a gas and condensate field, was discovered, where GEPetrol participated for the third time in a contract with an active interest (which incurred costs).
In 2006 , GEPetrol inaugurated its headquarters in Malabo II, establishing leadership in the business community of the national energy sector, an example that the rest of the companies in the sector would follow.
In June 2007, GEPetrol is Operator for the first time in an exploration block (Block P) and in March 2008 it acquires Block C, due to the departure of Repsol YPF. After negotiations with the Devon Company during the sale of its assets in Equatorial Guinea for 2.2 billion dollars and likewise with active interest in Campo Zafiro of Block B, operated by MEGI (ExxonMobil).
In 2007 , GEPetrol held a National Conference for the first time in the city of Mongomo to make the national oil sector known to the population and the international world, in order to attract investment.
In the same year 2007 , GEPetrol made income for the State for the first time of more than 5,000 million dollars.
On April 20, 2009, Gepetrol Servicios was created. The same year, the Government undertakes the construction of the first gas station in the city of Bata.
In 2009 , GEPetrol inaugurated its headquarters in Malabo II, and its office in Bata.
In 2011 , after several negotiations, GEPetrol Seguros, which was created in 2007, came into action.
In the same year 2011, the creation of several service companies was expedited: BOCOM, GEPsing, CIGEP, etc.
Year 2013. The Alen Gas and Condensate Field enters production, the second Field in which GEPetrol has an active interest in the Production Participation Contract (CPP).
Year 2015. Implementation of the new strategy of “becoming the main national provider of oil services.”
