Malabo Commences Africa-Wide Sensitization Over 5th GECF Summit

Malabo Commences Africa-Wide Sensitization Over 5th GECF Summit

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Determined to showcase Africa’s gas potential and promote intra-Africa cooperation, Equatorial Guinea’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang Lima, has commenced an Africa-wide tour to woo both Gas Exporting Countries Forum (GECF) and non-GECF nations to attend the 5th GECF Summit, which will be hosted for the first time on the African continent in Equatorial Guinea. The landmark event will take place in Malabo on November 25-27, 2019.

The 5th GECF Summit will showcase the role and future of gas development on the African continent. Through the 5th GECF Summit, Minister Obiang Lima said stakeholders in the oil sector in Africa hope to promote gas development on the continent as a means to drive economic growth.

A statement from the African Energy Chamber yesterday said during his recent visit to Uganda, Minister Obiang Lima met with Minister of Energy, Irene Muloni and invited her to attend the 5th GECF Summit. Speaking about Equatorial Guinea’s interest in supporting the development of Uganda’s oil and gas industry, Minister Obiang Lima encouraged the country to continue with its oil and gas plans which are “the best one can find anywhere in the world,” he said.

He further stated that, should the East African country continue with its plans, Equatorial Guinea may learn from it in the years to come. The Equatorial Guinea minister’s visit follows the signing of a Memorandum of Understanding (MoU) by both countries in 2017 for cooperation in oil and gas development.

Under the MoU, Equatorial Guinea will provide guidance to Uganda and assist it in achieving its oil and gas production targets, and advise it on the signing of petroleum agreements.  In a bid to transform its oil and gas sector, Uganda is developing its infrastructure in key sectors as a means to drive investment into the country.

Although Equatorial Guinea has a thriving oil sector with 1.1 billion proven oil reserves, the country – which is also a GECF member – holds great potential in its gas industry, boasting an estimated 145 billion cubic meters of proven gas reserves. Further, Equatorial Guinea has set ambitious goals for its gas sector development including Alen Gas and Condensate Field on Bioko Island, which is said to have 600 billion cubic feet of natural gas equivalent and the construction of a natural gas mega-hub project, which has resulted in it leading the LNG2Africa initiative which aims to create a continental gas market.

Other countries the Equatorial Guinea oil minister is later heading in the sensitization drive in Africa include Egypt and Algeria.


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