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Equatorial Guinea, Ministry of Mines and Hydrocarbons takes New Measures to Boost the Economy
Posted On 12 May 2020
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By Richard Adorsu-
Photo Credit: Africa Oil & Power
NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana- Equatorial Guinea, Ministry of Mines and Hydrocarbons published a new Ministerial Order to encourage the hiring of local workforce. The order follows years of successful capacity building and training within local companies and locals in the country, which made available, well-trained pool of local talents.
The General Directorate of National Content will be responsible for the monitoring of compliance to the order.
“With the release of this new order, the Ministry of Mines and Hydrocarbons intends to enhance the capacity of local services companies, while guaranteeing the creation of local jobs for our trained and educated youth,” declared by Gabriel Mbaga Obiang Lima, the Minister.
In the wake of the COVID-19 pandemic and the current oil crisis, Equatorial Guinea has been adopting a new approach to ensure the retention and increase of foreign investments into the country, while maximizing the hiring and procurement of local goods and services so the recovery benefits, its local economy.
Last week, the country extended two years exploration programmes across its acreages to allow foreign operators to regroup and plan for better expenditure on seismic and exploratory drilling.
These measures are being rolled out as Equatorial Guinea implements a series of landmark projects across its upstream, midstream and downstream industries, which are expected to generate many local jobs.
The backfill project is already ongoing to pool supply from stranded gas in the Gulf of Guinea and replace declining output from the Alba Field. Meanwhile, the ongoing year of investment has generated strong interest from various existing, new players building, expanding midstream, downstream infrastructure, maximize local processing and transformation of domestic crude oil and natural gas.
For New Africa Business News Richard Adorsu Reports, Africa Correspondent
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Coronavirus Q&A, World Health Organization
Coronavirus condition overview, World Health Organization
United States, Centers for Disease Control and Prevention
cdc.gov/coronavirus/2019-ncov
