Equatorial Guinea expects international oil companies to spend about $2.4 billion on the nation’s oil and gas industry by the end of next year, a government official said.

The investment should include about 11 new wells, the official said, asking not to be identified because the information is private. They didn’t give a breakdown in spending by company. In 2017, foreign direct investment across all industries in Equatorial Guinea was $304 million, United Nations data show.

The country has been in talks with companies including Exxon Mobil and Kosmos Energy after joining OPEC in 2017 and offering permits to foreign explorers. It’s seeking to address a decade-long decline in production, which fell to about 120,000 bpd last month.

Source: World Oil