GEPetrol was established as the National Oil Company of the Republic of Equatorial Guinea by Presidential Decree in February 2001, and became operational in 2002. The company has quickly moved to perform its new duties:
- GEPetrol manages the state’s participation as a shareholder and other rights and obligations derived from the CPP (PSCs) signed before its creation.
- GEPetrol acts as agents for the sales of the State’s share of hydrocarbons.
- GEPetrol is responsible for the promotion of open acreage within Equatorial Guinea.
- GEPetrol is responsible for undertaking training programmes to develop the skills of staff and to provide access to the most advanced technologies, techniques and knowledge of the oil industry.
- GEPetrol is responsible for environmental policy and implementation.
- GEPetrol may participate, either solely or as a partner with other national or foreign companies, in exploration and production activities either within Equatorial Guinea or abroad.
GEPetrol interacts with the Ministry of Mines, Industry and Energy on a regular basis in order to coordinate the affairs of the industry in Equatorial Guinea, but is a separate and autonomous body. The Ministry of Mines, Industry and Energy continues as the overall regulatory and administrative body for the petroleum industry in Equatorial Guinea.