- Nigeria signs deal with Equatorial Guinea over stranded gas assets.
- Nigeria intends to export gas to neighbouring countries
The Governments of Nigeria and Equatorial Guinea have signed a Memorandum of Understanding (MoU) to supply gas from Nigeria’s offshore fields to the neighbouring country’s gas processing facility in Punta Europa.
According to the SSA, Media, to the Minister of Petroleum Resources, Mr Horatius Egua, the MoU kicked off a strategic economic collaboration across the Gulf of Guinea where Nigeria’s abundant natural gas reserves compliment the country’s gas liquefaction infrastructure.
FG asserts that the recent passage of the Petroleum Industry Act (PIA) coupled with “Nigeria’s Decade of Gas” initiative was creating an enabling environment that triggered the project’s conception. According to the government, this has facilitated major investment inflow from Equatorial Guinea into Nigeria even as the project signals the joint effort of the two countries in working towards a greener energy environment.
“The execution of this MoU meets one of the imperatives of the decade of gas in Nigeria. While we are focused on the domestic gas plan, we are also keeping an eye on the global gas market,” Sylva said.
Additionally, the government noted that the project which envisions an offshore gas pipeline development, would create huge in-country local content opportunities for pipeline and other infrastructure service providers.