News of the extra spending follows Petroleum Minister Gabriel Obiang Lima’s warning in September that extensions to existing licences would be refused unless the companies involved collectively committed to invest $2 billion in the country.
Companies with investments in Equatorial Guinea include ExxonMobil, Kosmos Energy, Marathon Oil and Noble Energy.
Stay informed with exclusive, accurate and up-to-date energy news, analysis and intelligence. Sign up for 7-day trial access to this and more premium content. It's free!