Equatorial Guinea intends to become a gas hub in the Gulf of Guinea by providing processing and off-take infrastructure to the sub-region. Equatorial Guinea is an LNG producer and exporter, thanks to its 3.7 Mt/year (5 bcm/year) EG LNG liquefaction plant at Punta Europa on the Bioko Island (commissioned in 2007). The country aims at signing a deal with Nigeria and Cameroon, who both have several gas fields right across Equatorial Guinea’s maritime boundary, to supply to its Punta Europa complex. It would ensure long-term gas supplies for the existing LNG export facility. In addition, Equatorial Guinea is considering developing a second LNG train.
In December 2019, Equatorial Guinea announced plans to develop energy projects worth US$1bn, including oil product storage tanks, a methanol-to-gasoline plant and the expansion of an LNG project. In August 2019, Equatorial Guinea awarded contracts for the development of an LNG import, regasification and storage terminal at the mainland port of Akonikien. Local construction and engineering firm Elite Construcciones will build the plant, which will include a 14,000 m3 storage capacity (twelve 1,230 m3 tanks). The Akonikien project will store and regasify LNG that will be distributed across the country to gas-fired power plants. Equatorial Guinea will consume the generated electricity locally and will export surplus to neighbouring countries under the LNG2 Africa initiative.
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