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) at the Angola Oil & Gas (AOG) 2022 Conference & Exhibition 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) – 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, supports 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 neighbour Equatorial Guinea, 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. In August 2022, 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 LNG and the storage, distribution and export of LPG.
Read the article online at: https://www.tanksterminals.com/storage-tanks/30112022/joint-oil-refinery-and-storage-facilities-to-be-built-in-dr-congo/
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