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Home Energy

Nigeria signs natural gas MoU with Equatorial Guinea

Energy Capital & Power by Energy Capital & Power
March 7, 2022
in Africa, Energy, Nigeria
Reading Time: 2 mins read
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The west African oil rich nation of Nigeria signed a Memorandum of Understanding (MoU) with Equatorial Guinea on February 23, 2022, at the fifth Nigeria International Energy Summit 2022.

The agreement will see Nigeria supplying gas from offshore fields to Punta Europa, Equatorial Guinea’s Gas Processing Plant.

For Nigeria, the MoU will enable the country to monetize its 200 trillion cubic feet of natural gas resources. Correspondingly, for Equatorial Guinea, the deal will ensure a viable supply of gas for the country’s Gas Mega Hub project – designed to commercialize both domestic and regional gas resources while positioning Equatorial Guinea as a regional hub.

“Nigeria has huge gas resources, a significant amount of which is offshore and will require unprecedented investment in infrastructure to bring them to market. This collaboration allows much of that 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,” stated H.E. Chief Timipre Sylva, Minister of State of Petroleum Resources, Nigeria.

Also read: Nigeria reforms allow states to supply own electricity

Meanwhile, with Equatorial Guinea’s infrastructure and facilities being instrumental to the development, the construction of a potential gas pipeline linking the two markets could be considered in the future.

“As the global geopolitics of natural gas evolves and within the context of the world transitioning to a lower carbon footprint, it was imperative that we think differently on how to remain an important player in energy markets,” stated H.E. Gabriel Mbaga Obiang Lima, adding that, “This strategic collaboration breaks down geographical boundaries and allows delivery of gas from Nigeria to Equatorial Guinea’s Punta Europa facilities, extending their life and providing access to the regional and global energy markets.”

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Source: Energy Capital & Power
Tags: African oil rich nationdevelopmentEnergyEquatorial GuineaEquatorial Guinea’s Gas Processing PlantFeaturefifth Nigeria International Energy Summit 2022Gas Mega Hub projectMinister of State of Petroleum Resourcesnatural gas resourcesNigeriaNigeria signs natural gas MoU with Equatorial GuineaNigerian offshore gas assetPunta EuropaTimipre Sylvaнигерияنيجيرياナイジェリア尼日利亚
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Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

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