Petroleum Africa
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Thursday, January 21, 2016
Equatorial Guinea, represented by the Ministry of Mines, Industry and Energy, signed a MoU with ONGC Videsh for sweeping cooperation that could encompass several areas in the oil and gas industry. The government of Equatorial Guinea was represented by H.E. Mr. Gabriel MbagaObiang Lima, Minister of Mines, Industry and Energy, and by Narendra K. Verma ONGC Videsh’s MS.
The MoU provides the basis for comprehensive cooperation in multiple areas of the energy sector, including offshore oil and gas exploration in Equatorial Guinea plus midstream and downstream projects. The MoU is considered the foundation for future discussions that will take place in the coming weeks between the parties to reach further agreements.
The agreement is the result of several weeks of bilateral negotiations following directives made last October by Equatorial Guinea President, H.E. Teodoro ObiangNguemaMbasogo, and India’s Prime Minister Narendra Modi, to enhance cooperation between both countries.
The announcement comes ahead of the India-Africa Hydrocarbons Conference, which takes place in New Delhi on January 21-22.
“On behalf of the Ministry of Mines, Industry and Energy, we are delighted to enter into this agreement,” said Minister Lima. “We have received a clear mandate from H.E. the President of Equatorial Guinea to execute this cooperation on both the economic and political front. Going forward, we want to share our very ambitious plans with ONGC for developing upstream and downstream sectors. We will be happy to cooperate with ONGC to fulfill all of them.”
“We look forward to this occasion for boosting our ties, particularly in the hydrocarbons and energy sector,” said Verma. “This will strengthen the relationship between our companies and governments. Our government and Prime Minister are very keen on this cooperation, following the mandate set forth last October.”
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