Mobil, the main producer, has been tripling its production in Equatorial Guinea every year since it started operations in 1996, currently producing more than 100,000 barrels a day. Even with low world oil prices, the gross domestic product of this nation of mostly illiterate subsistence farmers has skyrocketed. Since its population is less than half a million, there should be more than enough wealth to go around. So far though, all that has changed for Mr. Mbeng and his neighbors is that a huge gas flare now lights up the night sky. They have no running water or electricity.
Equatorial Guinea is flush with oil money.
The UN says that 80 percent of the wealth is being amassed by less than 5 percent of the population. Most of the 5 percent are members of longtime President Teodoro Obiang Nguema Mbasogo's family clan, who have held a tight grip on the country since it gained independence from Spain in the late 1960s. The International Monetary Fund complains of widespread government corruption and mismanagement. Members of General Obiang's family are said to be pocketing the difference. The French and Spanish press reports extravagant shopping sprees in Paris.