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Nigeria, Equatorial Guinea Sign MoU to Consolidate New Opportunities for the Hydrocarbons Sector

H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea met with H.E. Timipre Sylva, Minister of Petroleum Resources of Nigeria at the presidential palace in Malabo intending 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 as security remains a major concern for energy infrastructure, with attacks reaching record highs in the Gulf of Guinea.

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.

This agreement once again signals that energy cooperation between neighbours on the continent can unlock tremendous value for African nations, in particular, in the Gulf of Guinea where there is great potential for collaborations.

This trip comes after H.E. Sylva was 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.

Source: Oilnewskenya

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