Nigeria’s Government and the Republic of Equatorial Guinea are deliberating on a potential institution of a collaborative logistics base, aiming to enhance joint operations, utilize domestic capabilities, and reduce expenses in the oil and gas sector.
Gabriel Mbega Obiang Lima, the Minister of Planning and Economic Diversification of the Republic of Equatorial Guinea, led a delegation to meet Engr. Simbi Kesiye Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), at the Board’s liaison office in Abuja. Together, they examined the available prospects for collaboration.
Accompanying the Minister were prominent diplomats, namely Francisco Edu Ngua Mangue, the Ambassador of the Republic of Equatorial Guinea to Nigeria; Josue Nsue Mbasogo, the First Secretary of the Embassy; and Akim Lima, the Personal Assistant to the Minister of Planning and Economic Diversification.
The focal point of the meeting was inviting well-established Nigerian oil and gas service companies to set up their operational bases in Equatorial Guinea. The aim was for these companies to utilize the country’s ports as a launching point for their activities in neighboring countries like Gabon, Cameroon, and Angola.
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The Minister expressed intentions to formally request a partnership with the NCDMB, acknowledging that the support of government institutions would be vital in order to explore these business opportunities successfully.
Expressing discontent over the high costs of essential oil and gas operations in the Gulf of Guinea, the Minister proposed that operators in Nigeria and Equatorial Guinea explore collaboration in the scheduling of their work programs. By aligning activities such as mobilizing and demobilizing drilling rigs and other assets, they could effectively reduce their expenses.
The Minister indicated that a proposed business relationship and the pooling of demand profiles were vital in order to attract key investments.
He pointed out that prominent companies like General Electric would only consider investing in a jurisdiction if they had confidence in accessing markets in neighboring countries.
Regarding the ongoing demand by Western nations for energy transition and the gradual substitution of fossil fuels with renewable energy solutions, the Minister and the Executive Secretary reaffirmed their beliefs that fossil fuels would remain the dominant energy source on a global scale for many decades.
Both nations reached a consensus to fully harness their oil and gas resources and utilize the generated revenue to advance their national economies, including the development of renewable opportunities.
The Executive Secretary extended a cordially welcomed the Minister and his entourage, appreciating the strong partnership between both nations in the energy sector.
He specifically acknowledged the valuable presence of Portuguese representatives in multiple Nigerian oil and gas conferences, as well as their visits to diverse oil and gas facilities.