Gabriel Mbaga Obiang Lima, minister of mines and hydrocarbons of Equatorial Guinea, and Timipre Sylva, Nigerian minister of petroleum resources, on Tuesday met at the presidential palace in Malabo in order to strengthen bilateral relations between the two countries.
The meeting included a signing of a memorandum of understanding (MoU) which will consolidate new opportunities for the hydrocarbons sector for both countries and allow the counterparts to collaborate on maritime piracy protection strategies, even as security remains a major concern for energy trade and infrastructure, with attacks on petroleum assets reaching record highs in the Gulf of Guinea in 2020.
The ministers also agreed to expedite joint cross-border cooperation for the supply of gas from Nigeria to Equatorial Guinea, which will also be an opportunity for Equatorial Guinea’s energy sector to see an additional step to its local content development plans.
“The African Energy Chamber salutes the commitments made by the ministers,” said Leoncio Amada Nze, president of the CEMAC region for the African Energy Chamber.
“We believe it is only through regional collaboration will paramount issues such as OPEC compliance, piracy and the monetization of gas for domestic and international export, will meaningful growth become a reality,” he added.
This agreement between Nigeria and Equatorial Guinea signals that energy cooperation between neighbours on the continent can unlock tremendous value for African nations, particularly in the Gulf of Guinea, where there is great potential for collaborations.
Sylva was recently appointed by the joint ministerial monitoring committee of the Organization of Petroleum Exporting Countries (OPEC) as a special envoy to some participating countries in the declaration of cooperation.
As part of his appointment, he is tasked with communicating the principles of fairness, transparency and equity in Gabon, Congo Brazzaville and South Sudan, which are also key stops on the road trip.
The Nigerian minister of petroleum resources is also to ensure that countries continue to comply with oil prices in the international market as members of OPEC. In line with this, he also met with Obiang Nguema Mbasogo, Equatorial Guinea’s head of state, who reassured him of his country’s commitment to cooperating with OPEC, maintaining its production levels.
The meeting was attended by the Equatoguinean delegation of Robustiano Eyugue, director of hydrocarbons; Oscar García, director of state company; Jacinto Nguema Owono, director of local content; Juan Antonio, director of Sonagas; and Serapio, deputy director of Sonagas.
