With current proven reserves of 1.1 billion oil barrels, Equatorial Guinea made its first production in 1991 with the Alba field. Since Exxon Mobil started producing at the Zafiro field in 1996, oil production in Equatorial Guinea had not stopped increasing, reaching a production peak of 430,000 barrels per day in 2007. However, due to the aging of the main fields, oil production has been decreasing to its current level of about 125,000 barrels per day. To counter decline output, the Ministry of Mines and Hydrocarbons seeks to attract fresh investment in exploration. It recently concluded EG Ronda 2019, a licensing round offering 27 Blocks, and has launched the Equatorial Guinea Year of Investment 2020 to attract investment in the entire value chain next year.
