Wednesday, July 19, 2017

Equatorial Guinea Strengthens Energy Sector

The Republic of Equatorial Guinea has strengthened its energy sector with an agreement to jointly develop the offshore Yolanda and Yoyo gas fields with Cameroon.

The Yolanda stretch is located in Block 1 in Equatorial Guinea waters, while the Yoyo block is located in Cameroon waters. The two countries have agreed to condense the field as one resource and jointly develop it.

Both gas fields were discovered in 2007 and are currently operated by Noble Energy EG and Noble Energy Cameroon.

The two countries agreed in 2016 to exchange information and data regarding the contiguous gas fields, and are expected to engage in discussions shortly to utilize the joint Yoyo-Yolanda gas field.

The Equatorial Guinea Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, said, “Our partners in Cameroon share our ambition to rapidly bring the Yoyo-Yolanda field to production and to maximize the value from our nations’ abundant resources. I am excited about a fast track approach on this project.”

Equatorial Guinea has a strong energy industry, recently developing new partnerships at the Africa Oil & Power (AOP) 2017 Conference.

Equatorial Guinea also recently joined the Organization of the Petroleum Exporting Countries (OPEC) and is Sub-Saharan Africa’s third-largest oil and gas producer.