Nigeria and Equatorial Guinea are looking to explore partnership opportunities in establishment of a joint logistics base, deployment of indigenous capacities across countries, and lowering the costs of major oil and gas operations.
These were part of the deliberations that took place on Wednesday when the minister of Planning and Economic Diversification of the Republic of Equatorial Guinea, Mr. Gabriel Mbega Obiang Lima, led a delegation to engage the executive secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, at the board’s liaison office in Abuja.
The Minister’s entourage included the Ambassador of the Republic of Equatorial Guinea to Nigeria, Mr. Francisco Edu Ngua Mangue; First secretary of the Embassy, Mr. Josue Nsue Mbasogo and Personal assistant to the minister of Planning and Economic Diversification, Mr. Akim Lima.
Conversations at the meeting centered on asking respected Nigerian oil and gas service businesses to establish operational bases in Equatorial Guinea, using the country’s ports to commence operations in neighboring nations such as Gabon, Cameroon, and Angola.
The minister agreed to send a formal request for a collaboration to the NCDMB, but added that such economic prospects would require the backing of government institutions before they could be pursued successfully.
The minister expressed dissatisfaction with the excessive expense of important oil and gas operations in the Gulf of Guinea.
He also indicated that operators in Nigeria and Equatorial Guinea may greatly reduce their costs by cooperating in the scheduling of their separate work programs, such as the mobilization and demobilization of drilling rigs.
Concerning Western nations’ calls for energy transition and plans to gradually replace fossil fuels with renewable energy solutions, the minister and executive secretary reiterated their positions that fossil fuels would continue to be the world’s dominant energy source for several decades, and Nigeria and Equatorial Guinea would not abandon their natural resources to embrace renewable energy where they lacked a competitive advantage.
Rather, both countries would continue to fully use their oil and gas resources and use the proceeds to grow their own economies, including renewable opportunities.
In his remarks, the executive secretary welcomed the minister and his entourage, adding that both countries have worked closely in the energy industry in recent years, and that representatives from Portugal have participated in international conferences.
He acknowledged that the Board of Directors and Nigerian oil and gas service businesses are enthusiastic about the proposed relationship. According to him, such arrangements were highlighted in the Nigerian Content 10-Year Strategic Roadmap under the pillar of Sectorial and Regional Market Linkages.
He went on to say that because Nigerian service companies have established surplus capacity in numerous key areas, it is critical that they seek prospects across the Gulf of Guinea.
