Kosmos Energy no relation OHADA
The discovery of large oil reserves in 1996 and its subsequent exploitation contributed to a dramatic increase in government revenue. As of 2004, Equatorial Guinea is the third-largest oil producer in Sub-Saharan Africa. Its oil production has risen to 360,000 barrels per day (57,000 m3/d), up from 220,000 only two years earlier. Oil companies operating in Equatorial Guinea include ExxonMobil, Marathon Oil, Kosmos Energy and Chevron.Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. The deterioration of the rural economy under successive brutal regimes has diminished any potential for agriculture-led growth. Agriculture is the country's main source of employment, providing income for 57% of rural households and employment for 52% of the workforce.In July 2004, the United States Senate published an investigation into Riggs Bank, a Washington-based bank into which most of Equatorial Guinea's oil revenues were paid until recently, and which also banked for Chile's Augusto Pinochet. The Senate report showed at least $35 million siphoned off by Obiang, his family and regime senior officials. The president has denied any wrongdoing. Riggs Bank in February 2005 paid $9 million in restitution for Pinochet's banking, no restitution was made with regard to Equatorial Guinea.From 2000 to 2010, Equatorial Guinea had the highest average annual increase in GDP (Gross Domestic Product), 17%.Equatorial Guinea is a member of the Organization for the Harmonization of Business Law in Africa (OHADA). Equatorial Guinea is also a member of the Central African Monetary and Economic Union (CEMAC), a subregion that comprises more than 50 million people. Equatorial Guinea tried to be validated as an Extractive Industries Transparency Initiative (EITI)–compliant country, working toward transparency in reporting of oil revenues and prudent use of natural resource wealth. The country obtained candidate status on 22 February 2008. It was then required to meet a number of obligations to do so, including committing to working with civil society and companies on EITI implementation, appointing a senior individual to lead on EITI implementation, and publishing a fully costed Work Plan with measurable targets, a timetable for implementation and an assessment of capacity constraints. However, when Equatorial Guinea applied to extend the deadline for completing EITI validation, the EITI Board did not agree to the extension.
no relation