Nigeria and Equatorial Guinea have expressed interest in the joint development of the regional oil and gas sector, with the countries looking at formalizing a partnership to support investment, regional employment and trade, while spearheading the joint development of energy projects.
A meeting held between Equatorial Guinea’s Ministry of Planning and Economic Diversification and the Nigerian Content Development and Monitoring Board (NCDMB) identified key areas for collaboration.
The areas of cooperation identified include the establishment of a joint logistics base; arranging programs for workforce exchange between the two countries; and stimulating activity across the oil and gas industry.
Equatorial Guinea’s Minister of Planning and Economic Diversification Gabriel Mbaga Obiang Lima stated that a partnership would enable Nigerian oil and gas service companies to utilize Equatorial Guinea’s port infrastructure to launch their activities in the regional sector, thereby enhancing competitiveness and reducing the costs of key oil and gas operations for both countries.
This approach falls in line with the Nigerian Content 10-Year Strategic Roadmap, according to NCDMB Executive Secretary Simbi Kesiye Wabote, which aims to strengthen regional market linkages by opening up opportunities for Nigerian companies across the broader West African market.
Nigerian expertise will be instrumental across the Gulf of Guinea, enabling both countries to grow their respective oil and gas sectors in a cost-effective way.
The NCDMB will galvanize Nigerian service producers under the Petroleum Technology Association of Nigeria. There is no need to go to the U.S. or Singapore.
We can work out areas where we can partner. It might be in the marine sector or logistics base. There are huge opportunities,” Wabote remarked.
This potential collaboration aims to strengthen investment in regional oil and gas, with the pooling of demand and regional expansion opportunities serving as key incentives for foreign capital.