• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, May 17, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy

Nigeria signs MoU with Equatorial Guinea on natural gas

Gas

The Matters Press by The Matters Press
March 2, 2022
Reading Time: 2 mins read
0
Nigeria targets Trans Saharan, Europe gas market

Nigeria and Equatorial Guinea on Tuesday signed a landmark Memorandum of Understanding (MoU) to supply gas from Nigerian offshore fields to the neighbouring Equatorial Guinea Gas Processing Facility at Punta Europa.

RELATED POSTS

Osinbajo advocates African plan on energy transition

Buhari’s war against money laundering, financial crimes peaks

Stakeholders seek political will to revive textile sector

This MOU kicks off a strategic economic collaboration across the Gulf of Guinea wherein Nigeria’s abundant natural gas reserves compliments Equatorial Guinea’s world class Gas Processing and Liquefaction infrastructure.
Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this in Abuja at the MoU signing on the sideline of ongoing fifth Nigeria International Energy Summit (NIES 2022).

The minister said that the execution of the MOU met one of the imperatives of the “Decade of Gas” in Nigeria.

ALSO READ  Gas crucial to Nigeria’s industrial growth

Sylva said the recent passage of the Petroleum Industry Act (PIA) coupled with “Nigeria’s Decade of Gas” initiative together created an enabling environment which triggered conception of the project, facilitating major investment inflow from Equatorial Guinea into Nigeria.

The project. according to him, also signals the joint effort of the two countries in working towards a greener energy world.

“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.

ALSO READ  AKK gas pipeline to spur upstream, downstream activities

“This is possible because Equatorial Guinea brings to the table a major portfolio of world class gas processing and liquefaction infrastructure already in place in Punta Europa, coupled with investment funds for development,” he said.

Additionally, he said the project, which envisioned an offshore gas pipeline development, would 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.

Mr Gabriel Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, stated that the execution of the MOU was a great example of the South-South cooperation between neighbouring Nigeria and Equatorial Guinea.

“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.

ALSO READ  Minister charges Shell, Chevron, NNPC on gas supply

“New, fast, and competitive sources will be a major determinant of success.
“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,” he said.

He noted that the NNPC and its’ JV partners could get a unique opportunity to monetise gas that would have otherwise been stranded offshore due to
absence of infrastructure.

According to him, as the world dynamics change, Nigeria aims to adapt rapidly to ensure that we remain at the forefront of credible gas exporters.

Tags: Gas
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria emerges Africa biggest energy sector
Economy

Osinbajo advocates African plan on energy transition

May 13, 2022
Nigeria gets petroleum law to edge out 50 years archaic laws
News

Buhari’s war against money laundering, financial crimes peaks

May 13, 2022
25 textile clusters get a boost through SMEDAN
Economy

Stakeholders seek political will to revive textile sector

May 12, 2022
Nigeria floats $4bn Eurobonds
Economy

DMO lists N225bn FGN bond for subscription by auction

May 12, 2022
Price of bread to be reviewed upwards again
Economy

Cost of bread beyond reach of many Africans – AfDB

May 12, 2022
Buhari meets with governors of APC
News

Buhari gives resignation deadline to political office holders seeking to contest elections

May 11, 2022
Next Post
Nigeria plans to increase petrol pump price despite spike in inflation, unemployment

Lingering petrol scarcity worries motorists

Strike puts Nigeria in darkness

Manufacturers lament energy shortage

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Obi, PDP candidate advises Buhari to increase tempo

Obi, PDP candidate advises Buhari to increase tempo

May 30, 2019
France freezes €850m of Russian assets

To Prevent War and Secure Ukraine, Make Ukraine Neutral

April 10, 2022
Police watch out for social media mischief-makers

Police watch out for social media mischief-makers

November 13, 2018

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
  • PawaPlus launches app to make access to electricity easy

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Osinbajo advocates African plan on energy transition
  • Buhari’s war against money laundering, financial crimes peaks
  • Stakeholders seek political will to revive textile sector

Categories

  • Agriculture
  • Business
  • Culture
  • Economy
  • Economy
  • Entertainment
  • Features
  • Finance, Money
  • Foreign
  • Health
  • Lifestyle
  • Multimedia
  • News
  • Oil, Gas
  • Opinion
  • Photo
  • Politics
  • Politics/Social
  • Religion
  • Security
  • Special News
  • Sports
  • Tech
  • Thematterspress
  • Trade, Industry, Technology
  • Travel
  • Uncategorized
  • Video
  • World

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?