Equatorial Guinea, Democratic Republic of the Congo (DRC) to Develop Joint Oil Refinery and Storage Facilities
The two African oil producers inked a critical Memorandum of Understanding during the opening ceremony of the Angola Oil & Gas 2022 Conference & Exhibition
Cross-border cooperation is one of the key tenets of Equatorial Guinea’s energy development strategy
Equatorial Guinea’s Ministry of Mines and Hydrocarbons and the Democratic Republic of the Congo’s Ministry of Hydrocarbons signed a Memorandum of Understanding (MoU) on Tuesday at the Angola Oil & Gas (AOG) 2022 Conference & Exhibition (http://bit.ly/3UyBCpP), to develop existing synergies across their respective upstream, downstream, energy infrastructure and logistics sectors.
Signed by Equatorial Guinea’s Minister H.E. Gabriel Mbaga Obiang Lima and his Congolese counterpart, H.E. Minister Didier Budimbu Ntubuanga, the agreement provides for the establishment of a working group to achieve shared energy objectives and the implementation of specific projects.
These include the financing and construction of an oil refinery in the Democratic Republic of the Congo (DRC) (http://bit.ly/3Vagypr) – to be jointly owned by both countries – to meet regional demand for refined petroleum products, along with the construction of storage facilities for refined products.
“Cross-border cooperation is one of the key tenets of Equatorial Guinea’s energy development strategy, as we aim to increase the availability of affordable and accessible energy in our country and across the region,” noted H.E. Minister Mbaga Obiang Lima. “This MoU, coupled with previous agreements signed with Cameroon and Nigeria, support our national mandate to facilitate the production and trade of African petroleum products and create value-added industries.”
“The Congo is advancing its position as a leading African oil producer and we are looking forward to renewing and cementing our partnership with our neighbor Equatorial Guinea (http://bit.ly/3AWmHNY), one of the leading oil and gas producers in the region, to fully leverage our hydrocarbon resources, stimulate production and bring energy security to the country,” stated H.E. Minister Budimbu Ntubuanga.
The MoU aims to facilitate the transfer of knowledge and technical expertise from Equatorial Guinea to the DRC, with a view to developing the Congo’s oil and gas blocks, carrying out upcoming block allocation processes, engaging the local oil and gas sector and increasing total production. Last August, the DRC launched a 30-block licensing round, comprising three blocks in the coastal basin of the Kongo Central province, 11 near Lake Tanganyika, nine in the Cuvette Centrale, four blocks near Lake Albert, and three gas blocks on Lake Kivu.
Furthermore, the national oil company of Equatorial Guinea, GEPetrol, will assist the DRC’s state oil firm SONAHYDROC in the development of the Congo’s natural gas sector, specifically the promotion of Liquefied Natural Gas and the storage, distribution and export of Liquefied Petroleum Gas.
Serving as Angola’s premier energy event, AOG 2022 (http://bit.ly/3UZLFUs) has seen the signing of several critical MoUs on its first day and will continue to unite regional stakeholders and broker new deals through Thursday.
Distributed by APO Group on behalf of Energy Capital & Power.