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Thursday, July 7, 2016
Equatorial Guinea signed a MoU with Shell that will enable greater collaboration between the two parties on numerous oil and gas-related projects. Shell’s acquisition of BG Group brought the company into Equatorial Guinea, pending approval from the Ministry of Mines and Hydrocarbons.
BG has a 17-year purchase agreement for all liquefied natural gas produced by the EGLNG facility. In addition to Shell’s focus on existing activities in Equatorial Guinea’s oil and gas sector, the MoU facilitates the future entry of the firm into new hydrocarbons projects.
“Equatorial Guinea is an African leader in upstream oil and gas development and the strategic monetization of gas reserves” stated Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima. “The government has pledged to continue on this progressive path, and with the knowledge and experience of Shell Group, I am confident that this agreement will usher in new opportunities for investment.”
The Minister added, “We look forward to a long and productive relationship with Shell and anticipate further cooperation on a range of oil and gas initiatives.”
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