Page 12 - AfrOil Week 09 2022

AfrOil POLICY AfrOil

Lima (L) and Sylva (second from right) at NIES conference in Abuja earlier this week (Photo: Guardian.ng)
“Nigeria has huge gas resources, a significant the global gas market as well.”
amount of which is offshore, and will require Equatorial Guinea’s Minister of Mines and
unprecedented investment in infrastructure to Hydrocarbons Gabriel Mbaga Obiang Lima
bring them to market,” he stated, according to also hailed the signing of the document, calling
a government press release. “This collaboration it a positive example of co-operation between
allows much of that stranded gas to access the two countries within the global South. “This
global gas market within 18 to 24 months, in strategic collaboration breaks down geograph-
what will be the fastest timeline to market for a ical boundaries and allows delivery of gas from
Nigerian offshore gas asset.” Nigeria to Equatorial Guinea’s Punta Europa
Equatorial Guinea is uniquely capable of exe- facilities, extending their life and providing
cuting this project quickly, he added, because it access to the regional and global energy mar-
already possesses a strong portfolio of world- kets,” he remarked.
class LNG and gas-processing plants, as well as He also said that the MoU demonstrated that
related infrastructure, he said. Additionally, he gas-producing states were willing to take crea-
stated, the country has investment funds availa- tive and flexible approaches in order to bring
ble for development projects. their resources to market under changing con-
Sylva further noted that the collaboration ditions. “As the global geopolitics of natural gas
with Equatorial Guinea was in line with the evolves and within the context of the world tran-
Nigerian government’s “Decade of Gas” initia- sitioning to a lower carbon footprint, it is imper-
tive, which calls for extensive gasification of the ative that we think differently on how to remain
country’s industrial and economic operations. an important player in energy markets. New, fast
Additionally, he said, the joint project will help and competitive sources will be a major deter-
Nigeria expand its share of the world gas market. minant of success ... [Nigerian National Petro-
“The execution of this MoU meets one of the leum Corp. (NNPC)] and its JV partners get a
imperatives of the ‘Decade of Gas’ in Nigeria,” unique opportunity to monetise gas that would
he remarked. “Whilst we are focused on the have otherwise been stranded offshore due to
domestic gas agenda, we are keeping an eye on absence of infrastructure,” he said. ™

PROJECTS & COMPANIES
VAALCO Energy expects to deploy FSO

at Etame block on schedule in Q3-2022

GABON VAALCO Energy (US) says it is on track to serve as the FSO, had arrived in a shipyard in
deploy a floating storage and off-loading (FSO) Bahrain on time in late February and should
vessel at the Etame block offshore Gabon in the undergo final modifications and re-certifica-
third quarter of this year, in line with its previ- tions before starting sea trials in late June, the
ously announced schedule. company said.
In a statement dated March 1, VAALCO Once the trial programme has been com-
reported that the Cap Diamant, the dou- pleted, the FSO will be deployed to Gabon’s off-
ble-hulled oil tanker being re-engineered to shore zone, it added.

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