BATA, Equatorial Guinea (BG) — The African Energy Chamber (AEC) has partnered with Equatorial Guinea’s National Council for Economic and Social Development (CNDES) to strengthen the country’s oil and gas industry.

In a statement Saturday, the AEC said it recently engaged with CNDES to explore strategies for maximizing Equatorial Guinea’s energy potential to drive economic growth.

Discussions focused on local content development, energy financing, oil and gas production optimization, and capacity building.

As part of the collaboration, the AEC committed to equipping CNDES staff with skills and expertise across the oil and gas value chain.

The chamber also reaffirmed its support for attracting international investment to Equatorial Guinea’s energy sector.

“Equatorial Guinea represents one of Africa’s most well-established and rapidly growing oil and gas markets,” AEC Executive Chairman NJ Ayuk said.

“Through our collaboration with CNDES, the AEC remains committed to supporting the country’s ambitious agenda to maximize the growth of its hydrocarbons sector,” Ayuk added.

The AEC and CNDES also agreed to work on policy revitalization and financial strategies to attract new capital into the industry.

Given CNDES’ role as the government’s socioeconomic advisor and the AEC’s position as a key voice in Africa’s energy sector, the partnership aims to create a more conducive investment environment, boost oil and gas production, and increase private sector participation.

Equatorial Guinea’s oil-dependent economy has contracted over the past decade amid a shrinking hydrocarbon sector, declining investment, and a series of external and domestic shocks.

Between 2013 and 2023, economic activity contracted by 4.1% per year on average. Gross national income (GNI) per capita was estimated at $5,240 in 2023, a 58% decrease compared to its peak level in 2008, according to the World Bank.