Does Equatorial Guinea want a foreign company to take over Exxon?

The Exxon situation is a case in point. Equatorial Guinea wanted a foreign company to take over the assets from Exxon and has been wooing international oil companies including Eni, the Italian producer, and several Nigerian companies, according to a former senior US official familiar with the matter. None have shown any interest so far.

Is Equatorial Guinea a reversal of fortunes?

It almost marks a reversal of fortunes for Equatorial Guinea, which was once a hotbed of promise when Mobil discovered oil there and Exxon increased production after its takeover in 1999. But oil production has been steadily declining in recent years, down more than 80 per cent from the boom years.

Will China build a naval base in Equatorial Guinea?

There is also a geopolitical balancing act to be navigated. US officials have said China, the country’s biggest development partner, has designs on building a naval base in the coastal city of Bata where it has already constructed a commercial port; Washington has warned Equatorial Guinea not to grant that wish.