NIGERIA SIGNS OIL SUPPLY AGREEMENT WITH EQUATORIAL GUINEA

NIGERIA SIGNS OIL SUPPLY AGREEMENT WITH EQUATORIAL GUINEA

NIGERIA SIGNS OIL SUPPLY AGREEMENT WITH EQUATORIAL GUINEA
 
Adedayo Osho, Field Editor
 
4th of March, 2021, Abuja
 
Nigeria's Minister of State for Petroleum Resources, Timipre Sylva, has concluded a diplomatic tour assigned to him to encourage four African nations to stay on course and abide by the cuts and general principles of Organization of Petroleum Exporting Countries (OPEC).
 
During the tour, Sylva also met Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, to discuss and strengthen bilateral energy relations between Nigeria and Equatorial Guinea.  
 
The two oil ministers agreed to fast-track the cross-border supply of gas from Nigeria to Equatorial Guinea, representing a critical step in Equatorial Guinea’s Gas Mega Hub masterplan, which aims to aggregate offshore gas from domestic and neighboring reserves and deliver it to onshore industry. 
 
Memorandum of Understanding (MoU) was signed to open new opportunities within their respective hydrocarbon sectors, as well as establish strategies to mitigate maritime piracy, which remains an heightening security threat in the Gulf of Guinea.  
 
Sylva’s visit to Equatorial Guinea follows his recent appointment by the Joint Ministerial Monitoring Committee of the Organization of Petroleum Exporting Countries (OPEC) as a Special Envoy to participating countries.
 
The diplomatic shuttle aimed at promoting adherence to OPEC-led production cuts took Sylva to Gabon, Congo-Brazzaville, South Sudan, including Equatorial Guinea.
 
The meeting in Malabo, the capital of Equatorial Guinea, affirms a fresh, mutually beneficial relationship between the two countries, with the goal of fostering regional collaboration and maximizing the value of their respective oil and gas opportunities.