The MoU, which was signed at the ongoing Nigeria
International Energy Summit (NIES) in Abuja, is a crucial step in the
countries’ economic partnership in the Gulf of Guinea.
The Minister of State for Petroleum Resources, Timipre
Sylva, at the signing ceremony said, “The execution of this MOU meets one of
the imperatives of the ‘Decade of Gas’ in Nigeria. Whilst we are focused on the domestic gas
agenda, we are keeping an eye on the global gas market as well.
“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.”
He said the fast-paced timeline is possible because
Equatorial Guinea brings to the table a major portfolio of world class gas
processing and liquefaction infrastructure at Punta Europa as well as
investment funds for development.
Sylva also said the project which envisions an offshore gas
pipeline development will also create huge in-country local content
opportunities for pipeline and other infrastructure service providers.
“This is in addition to accelerated royalty revenues that
come from producing many gas fields that would have otherwise remained
stranded,” he noted.
In his comments, Equatorial Guinea’s Minister of Mines and
Hydrocarbons, Gabriel Obiang Lima, said the pact signing is a great example of
South South cooperation between neighbouring Nigeria and Equatorial Guinea.
He said, “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.
“The NNPC and its JV partners get a unique opportunity to
monetise gas that would have otherwise been stranded offshore due to absence of
infrastructure.”
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