Equatorial Guinea

Equatorial Guinea has a population of approximately 1.98 million and a projected nominal GDP of around US$13.72 billion in 2026, representing less than 0.2% of Africa's population but approximately 0.4% of the continent's GDP. Despite its small domestic market, the country ranks among Sub-Saharan Africa's wealthiest economies on a per capita basis, reflecting the outsized contribution of its hydrocarbon sector.

Oil and natural gas remain the foundation of the economy, contributing approximately 50% of GDP, more than 90% of merchandise exports, and around 90% of government revenue. As one of Sub-Saharan Africa's leading oil producers, Equatorial Guinea's economic performance is closely tied to developments in the energy sector. However, declining production from mature oil fields has weakened economic growth in recent years, highlighting the increasing importance of new exploration, reserve replacement and investment in upstream development.

As production from mature oil fields declines, the country's near-term economic outlook will depend largely on its ability to replenish reserves, commercialise natural gas resources and extract greater value from its hydrocarbon sector. Ongoing licensing rounds and gas development projects are intended to sustain production, reinforce public revenues and create a stronger foundation for economic diversification.

Equatorial Guinea's total energy supply stands at approximately 75.4 PJ, equivalent to about 55.6 GJ per capita. Although this is one of the highest levels in the region, it primarily reflects the country's energy-intensive hydrocarbon processing industry rather than broad domestic energy consumption. Electricity consumption averaged about 650 kWh per capita in 2024, yet only around 67% of the population had access to electricity, indicating that reliable power supply remains a challenge despite the country's significant hydrocarbon wealth. Expanding electricity access therefore remains an important government priority.

Electricity generation is dominated by natural gas, which supplies approximately 64% of generation, while hydropower contributes around 35%, largely from the 120 MW Djibloho Hydropower Plant. The generation mix reflects Equatorial Guinea's abundant natural gas resources, which have historically supported LNG exports, alongside a relatively small but established hydropower base. Other renewable sources, including solar and wind are yet to make a meaningful contribution to the electricity system.

As oil production from mature fields continues to decline, natural gas is becoming increasingly important to the country's long-term energy outlook. A growing share of domestic gas production is now being retained for local power generation rather than exported as LNG, improving energy security while creating additional opportunities for gas-based industrial development.

Equatorial Guinea's long-term energy planning is increasingly balancing its reliance on natural gas with a gradual expansion of cleaner energy sources. This direction is reflected in the Long-Term Low-Emission Development Strategy, which targets a 35% reduction in greenhouse gas emissions by 2035 and 50% by 2050, both relative to 2019 levels. Although natural gas will continue to underpin electricity generation, the strategy lays the foundation for a more diversified and resilient power system.