Nigeria Signs MoU With Equatorial Guinea to Develop, Supply Natural Gas

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Nigeria and Equatorial Guinea on Tuesday signed a landmark Memorandum of Understanding (MoU) to supply gas from Nigerian offshore fields to the neighbouring Equatorial Guinea Gas Processing Facility at Punta Europa.

This MOU kicks off a strategic economic collaboration across the Gulf of Guinea wherein Nigeria’s abundant natural gas reserves compliments Equatorial Guinea’s world class Gas Processing and Liquefaction infrastructure.

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Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this in Abuja at the MoU signing on the sideline of ongoing fifth Nigeria International Energy Summit (NIES 2022).

The minister said that the execution of the MOU met one of the imperatives of the “Decade of Gas” in Nigeria

Sylva said the recent passage of the Petroleum Industry Act (PIA) coupled with “Nigeria’s Decade of Gas” initiative together created an enabling environment which triggered conception of the project, facilitating major investment inflow from Equatorial Guinea into Nigeria.

The project. according to him, also signals the joint effort of the two countries in working towards a greener energy world.

“Whilst we are focused on the domestic gas agenda, we are keeping an eye on the global gas market as well.

“Nigeria has huge gas resources, a significant amount of which is offshore and will require unprecedented investment in infrastructure to bring them to market.

“This collaboration allows much of that stranded gas to access the global gas market within 18 to 24 months in what will be the fastest timeline to market for a Nigerian offshore gas asset.

“This is possible because Equatorial Guinea brings to the table a major portfolio of world class gas processing and liquefaction infrastructure already in place in Punta Europa, coupled with investment funds for development,” he said.

“This collaboration allows much of that stranded gas to access the global gas market within 18 to 24 months in what will be the fastest timeline to market for a Nigerian offshore gas asset.