South Sudan and Equatorial Guinea have agreed to cooperate in the oil and gas sector. The pairs’ respective oil ministers signed the agreement on March 20 in the South Sudanese capital of Juba.
The Memorandum of Cooperation sets out the terms for a strong bilateral relationship between the African oil and gas producers. The two nations will use the new partnership as a basis for exchanging information on policy and regulation; promoting upstream, downstream and infrastructure projects; and collaboration between the national oil companies Nilepet and GEPetrol.
The agreement will see the two countries share knowledge and resources to improve their oil and gas sectors and boost economic growth. Equatorial Guinea will provide training to South Sudanese personnel and advise on licensing as its current licensing round nears conclusion.
Extending its expertise in oil and gas licensing rounds; gas monetization and eliminating flaring; investing in power plants using flared gas; local content and offering to provide training to South Sudanese personnel, Equatorial Guinea’s Ministry of Mines and Hydrocarbons will use its experience and resources to assist South Sudan’s Ministry of Petroleum in revitalizing the country’s oil and gas industry. Both countries bring decades of oil production experience to the table, and South Sudan is now working to more than double oil output to 290,000 bpd. Equatorial Guinea is nearing the close of its EG Ronda 2016 licensing round.
“Partnership is what fuels the oil industry” said Gatkuoth. “South Sudan is proud to share its experiences with Equatorial Guinea, and to learn from the great work of our fellow African producer. The petroleum industry is crucial to our nation’s development. This agreement signals our dedication to investing in the sector as a driver for South Sudan’s growth.”
“The sharing of resources and knowledge between African oil and gas countries is critical,” said Lima. “Going forward, Equatorial Guinea will work closely with South Sudan for the benefit of our people and our national economies. The lines of communication are open and we look forward to a deep and lasting collaboration.”
Source: Petroleum Africa