- The agreement will support cooperatively developing and commercializing transnational hydrocarbon fields.
- Cross-border hydrocarbon field development and monetization will be the main goals of the agreement.
Cameroon and Equatorial Guinea have signed a bilateral cooperation agreement to jointly create and profit from oil and gas projects along their borders. In addition to creating new potential for oilfield development, the deal intends to usher in a new era of energy security between the two nations.
African Energy Chamber (AEC) said the agreement would “unlock a new era of cooperation, with the agreement serving as a blueprint for other African countries looking at strengthening knowledge sharing, skills and technology transfer, infrastructure development and local content, all on the back of cross-border oil and gas maximisation”.
The governments of Cameroon and Equatorial Guinea were asked by AEC to expedite field development and introduce fresh supplies to the market. The Yoyo field in Cameroon and Yolanda in Equatorial Guinea, in particular, will be the focus of the agreement’s development and monetization efforts.
Along Cameroon’s and Equatorial Guinea’s maritime borders are the two oil and gas reserves that are managed by Chevron. The agreement will also cover the development of the Camen and Diega projects in Equatorial Guinea as well as the Etinde gas field in Cameroon, which is operated by New Age.