The oil boom in Equatorial Guinea

In less than a decade, Equatorial Guinea has transformed itselffrom an African backwater into one of the world’s fastestgrowing economies and a sought-after political partner in theGulf of Guinea. The sole reason for this transformation hasbeen the discovery of oil and gas. This article outlines therise of Equatorial Guinea as one of Africa’s leading oilproducingcountries and investigates the political, economic and socialeffects of becoming a petro-state. The article is based on theauthor’s field research in Equatorial Guinea in the autumnof 2003 and interviews with senior oil company staff, governmentofficials and staff of international organizations as well assecondary sources. This research demonstrates how reliance onoil and gas exports can lead to profound changes in a country’spolitical economy.