…signs new MoU with Equatorial Guinea
Oredola Adeola
President Bola Tinubu and Equatorial Guinean President Teodoro Obiang Nguema Mbasogo in Malabo signed an agreement on Gulf of Guinea pipeline project paving the way for the commercialization of Nigerian gas untapped resources in abandoned Oron 2 asset.
Ajuri Ngelale, Secial Adviser to the President(Media & Publicity) made this known in a statement obtained by Advisors Reports on Thursday.
Advisors Reports gathered that this is the second agreement to be signed between the two country after the earlier one reached on 2022.
This is expected to unlock the untapped resources located in the proximity of the border via an offshore gas pipeline to the EG Alba facilities, which will provide access to the Punta Europa LNG terminal.
Further check by Advisors Reports showed that the agreement could accelerate the development of unexploited gas fields such as Oron 2 (discovered in 1975), as well as open the possibility to commercialize gas from other oil fields located at a tie-back distance from Alba. Combined, the gas reserves of these fields are estimated to be in the range of at least 3 Tscf,” additional information from S&P Global Commodity Insight.
The collaborative regional pipeline initiative will facilitate the transport of gas from Nigeria to Equatorial Guinea.
According to the agreement, the gas will be processed at the LNG facilities at Punta Europa on Bioko Island, managed by the state-owned EG LNG. This pipeline will move natural gas from Nigeria to Equatorial Guinea for processing.
The agreement, according to Ngelale covered legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles.
President Tinubu, who is on a three-day official visit to Equatorial Guinea, in his remarks at the event, said the signing of the agreement will open up new opportunities for gas exploration and employment.
The President stated that the two leaders had discussed issues related to the creation of employment, food security, multilateral relations, and conflict resolution mechanisms on the continent during a private meeting that preceded the signing of the agreement.
“Concerning Africa, conflicts and conflict resolution were discussed. We discussed various areas of conflicts and what we can do to promote peace.
“We talked about promotion of peace and stability in our countries, and growth and prosperity on our continent.
“In the same way that Europe and America have kept themselves and found a solution for their conflicts, we have to look at both inadequate capital, industrialization efforts, research and development programmes, and enlighten our people, navigate our way through problems.
“Instead of the crisis and conflicts that we see in the Republic of Congo, and others, we have to look inwards to solve problems ourselves,’’ the President said.
President Tinubu said the discussion with the President of Equatorial Guinea also covered challenges of security, African Continental Free Trade Area (ACFTA), and food security.
“We are all going for it. Within Africa and the African Union, we have resolved that we will work together to make sure that the solution to many of our problems in Africa comes from within,’’ the President concluded.
In his remarks, the President of Equatorial Guinea said bilateral relations with Nigeria over many years have been rewarding and emphasized the need to deepen cooperation across salient areas.
President Mbasogo said Africa’s vision of having a permanent seat in the Security Council of the United Nations is vital for the development of the continent, affirming that Equatorial Guinea will work with Nigeria to realize the objective.
The President of Equatorial Guinea said the signing of the agreement was strategic for Africa’s development.
The Minister of Foreign Affairs, Ambassador Yusuf Tuggar of Nigeria, and Mr. Simeon Oyono Esono, Minister of Foreign Affairs of Equatorial Guinea, also signed the agreement.
The Minister of Justice and Attorney General of the Federation, Chief Lateef Fagbemi, SAN; Minister of Defence, Muhammad Badaru Abubakar; Minister of Interior, Dr. Olubunmi Tunji-Ojo; Minister of State, Petroleum, Gas, Ekperikpe Ekpo, and Minister of Youth Development, Dr. Jamila Ibrahim- Biu were present at the signing of the agreement.
