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The most recent to enter production are the Aseng and Alen gas and condensate fields, brought online in 20, respectively.Production of oil, condensate and natural gas products is 342,441 barrels of oil equivalent per day average.Vast oil revenues fund lavish lifestyles for the small elite surrounding the president, while a large proportion of the population remains in poverty.
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To bolster the upstream industry and to contribute to the growing industrial base in the country, Equatorial Guinea has implemented gas utilization projects that include LNG, methanol and CNG.
Block R is due to begin natural gas production in 2020 and will support a floating LNG plant.
In order to utilize discovered gas reserves east of Bioko Island, a petrochemicals hub called REPEGE is being developed.
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