Nigeria and Equatorial Guinea sign Memorandum of Understanding to supply gas from Nigerian offshore fields to neighbouring Equatorial Guinea Gas Processing Facility at Punta Europa.
Written by News Room on March 3, 2022
Nigeria and Equatorial Guinea have signed a Memorandum of Understanding (MoU) to supply gas from Nigerian offshore fields to the neighbouring Equatorial Guinea Gas Processing Facility at Punta Europa.
While Nigeria has 206 trillion standard cubic feet of natural gas, infrastructure to turn the resource to economic benefit has proven difficult and unachievable.
The pact is expected to unlock potential in the Gulf of Guinea wherein Nigeria’s abundant natural gas reserves compliments Equatorial Guinea’s Gas Processing and Liquefaction infrastructure.
Speaking at the ongoing Nigerian International Energy Summit in Abuja, Minister of State for Petroleum Resources, Timipre Sylva, described the move as a way of meeting the requirements of the “Decade of Gas” in Nigeria.
According to him, the collaboration will allow Nigeria’s stranded gas to access the global gas market within 18 to 24 months in what will be the fastest timeline to market for a Nigerian offshore gas asset.