Equatorial Guinea rewrites oil law after output collapse

Equatorial Guinea plans to approve a new hydrocarbon law on Monday, after crude output fell to about 20,000 barrels a day in September from roughly 140,000 in 2020.

Why it matters: The rewrite is a bid to restart drilling in OPEC's smallest producer, where the output collapse has cut state revenue and left the economy shrinking.

Data as of Friday, October 16, 2026, 13:40 ET. Single sourced to OilPrice.com, opened and read in full, hence grade C for a developing item.

Equatorial Guinea will approve a new hydrocarbon law on Monday, its hydrocarbons minister said, offering more flexible contract terms and a wider range of structures for oil companies. Output fell to about 20,000 barrels a day in September, down more than 85 percent in six years, and the government says it will also negotiate directly over available blocks.

The test will be whether the new terms produce actual drilling in mature fields and unexplored acreage, after ExxonMobil left the country in 2024 and with Chevron now the main international presence, in gas. The country has set no production target.

Equatorial Guinea rewrites oil law after output collapse

Sources