Due to the collapse of global oil prices, several upstream projects in Equatorial Guinea have been put on hold. They include the Block S project in the offshore Rio Muni Basin, where Kosmos Energy made a new find in May 2019. However, the government hopes the gas condensate project from the Alen field will go ahead and will produce its first gas in November 2020, . In April 2019, Noble Energy approved the development of the Alen natural gas project, which require an investment of US$330m. The field, which contains recoverable reserves of 600 Bcf (17 bcm), will supply the 3.7 Mt/year (5 bcm/year) EG LNG liquefaction plant at Punta Europa on the Bioko Island.
As part of the OPEC+ deal, Equatorial Guinea pledged to cut its crude oil output by 23% (a decrease of 29,000 bbl/d), from its baseline of 127,000 bbl/d to 98,000 bbl/d in May and June 2020. From July to December 2020, it will cap production at 104,000 bbl/d, while from January 2021 to April 2022, it will produce up to 110,000 bbl/d.
In December 2019, the government of Equatorial Guinea signed a Strategic Partnership and Cooperation Agreement with Vitol for the development of a gas processing and export system to supply the LNG demand of the region. The project is being called the Gas Megahub and will be developed north of Bioko Island, close to Cameroon and Nigeria. Equatorial Guinea intends to become a gas hub in the Gulf of Guinea by providing processing and off-take infrastructure to the sub-region. 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.