South Sudan and Equatorial Guinea on Monday, announced a historic partnership, setting out the terms for a bilateral relationship between the two oil and gas producers.
The Memorandum of Cooperation was signed by Equatorial Guinea’s Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima and South Sudan’s Minister of Petroleum H.E. Ezekiel Lol Gatkuoth.
The two nations will use the new partnership as a basis for exchanging information on policy and regulation. In addition, they will also use it to promote upstream, downstream and infrastructure projects. “Partnership is what fuels the oil industry” said H.E. Ezekiel Lol Gatkuoth.
He added that South Sudan is proud to share its experiences with Equatorial Guinea, and learn from its fellow producer. The agreement, he said signals South Sudans dedication to investing in the sector as a driver for its.
H.E. Gabriel Mbaga Obiang Lima said the sharing of resources and knowledge between African oil and gas countries is critical. He added that Equatorial Guinea will work closely with South Sudan for the benefit of its people and national economies. “The lines of communication are open and we look forward to a deep and lasting collaboration,” concluded.
Equatorial Guinea’s Ministry of Mines and Hydrocarbons will use its experience and resources to assist South Sudan in revitalizing its oil and gas industry. Among the key areas South Sudan will be looking to benefit include licensing rounds, gas monetization and eliminating flaring. Others include investing in power plants using flared gas; local content and offering to provide training to South Sudanese personnel,
Both countries bring decades of oil production experience to the table. South Sudan is also working to double oil output to 290,000 barrels per day. Equatorial Guinea is nearing the close of its EG Ronda 2016 licensing round.
The EG Ronda will conclude at the Africa Oil and Power 2017 conference in Cape Town, where South Sudanese President H.E. Salva Kiir will deliver a keynote speech. Ministers of both nations will also meet investors and promote their oil and gas industries and projects.