OPEC’s Smallest Producer Seeks Prepaid Oil and Gas Deals with Traders

OPEC’s Smallest Producer Seeks Prepaid Oil and Gas Deals with Traders

Equatorial Guinea is looking to strike prepaid oil and LNG delivery deals with commodity traders as OPEC’s smallest oil producer needs money to maintain operating fields and revive its upstream sector, anonymous sources with knowledge of the plans told Bloomberg on Tuesday.   The central African country has been struggling to attract upstream investments in recent years and has seen its oil production drop. The country has also been an LNG expor…

Equatorial Guinea seeks $300 million oil, LNG prepay deals to fund production revival

(World Oil) – Equatorial Guinea, OPEC’s smallest member, has turned to commodity trading companies for prepayment deals on oil and liquefied natural gas to help finance a revival of domestic hydrocarbon production. The Central African nation is looking for $300 million in return for deliveries of crude oil and LNG spread over multiple years, according to people familiar with the matter, who asked not to be named because the information isn’t publ