Equatorial Guinea has signed a significant new energy agreement with GALP — Portugal's largest energy company — in a ceremony presided over by the country's Vice President Teodoro Obiang Nguema Mangue.

The deal covers three strategic offshore blocks, and marks another chapter in the country's ambitious push to attract top-tier international energy operators.

According to the agreement, GALP will conduct technical assessments and exploration studies on the three blocks before any full production sharing contract is finalized. It is a structured, step-by-step approach that allows both sides to evaluate the hydrocarbon potential before committing to full-scale development.

The deal aligns with Equatorial Guinea's National Oil Sector Promotion Plan — a strategy designed to accelerate foreign investment across the country's oil and gas sector — as the government works to unlock its upstream potential through geology and technical data assessment.

GALP brings with it deep experience in hydrocarbon exploration, production, and commercialization across international markets, including Africa — making it a prized partner for a country that has been actively courting major energy names, according to analysts in the field.

Domestic production has faced years of declining output from legacy fields, making the arrival of technically capable partners like GALP a strategic necessity.

The agreement was coordinated through Equatorial Guinea's Ministry of Hydrocarbons and Mining Development, working hand in hand with national energy companies GEPETROL and SONAGAS — ensuring the deal carries both government authority and national institutional backing.

Speaking at the signing, the vice president said, the agreement is intended to attract investment, build confidence among large energy operators, create economic activity, and consolidate Equatorial Guinea's position as a relevant and credible energy player in the Central African region.