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Tuesday, November 25, 2014
Portugal was the last nation to hold out against the inclusion of the new entrant, but finally yielded to pressure from Brazil and Angola, the countries most interested in sharing in the benefits of Equatorial Guinea’s oil wealth.
Between its independence in 1968 and the onset of oil exploration, Equatorial Guinea was stigmatised as a ferocious dictatorship. But the importance of oil took precedence over human rights and countries with decision-making power over the region and the world became interested in sharing in crude oil extraction.
Oil production in Equatorial Guinea has multiplied 10-fold in recent years, ranking it in third place in sub-Saharan Africa behind Angola and Nigeria. (END//2014)