According to a statement released on Thursday by the Nigerian presidential spokesman, Ajuri Ngelale, Equatorial Guinea and Nigeria have inked a deal to build and run a gas pipeline.
During a three-day visit, Equatorial Guinean President, Teodoro Obiang Nguema Mbasogo, and Nigerian President, Bola Tinubu, discussed a variety of topics, including food security, employment, and conflict resolution.
To strengthen energy security, encourage regional integration, and provide a channel for African gas to be exported to Europe, Nigeria and Morocco decided to build the pipeline in 2016.
Supported by the Economic Community of West African States (ECOWAS), the project is anticipated to be completed in three phases and link up with current infrastructure, with an estimated cost of $25 billion and an annual capacity of 30 billion cubic meters.
The agreement with Equatorial Guinea addresses general principles, ownership of the gas pipeline, establishment and operation of the pipeline, and legislative and regulatory procedures related to it.
Mbasogo praised the agreement, citing its strategic importance for Africa’s advancement and its pursuit of a permanent seat on the UN Security Council.
Nigeria’s known natural gas reserves were 5.94 trillion standard cubic meters as of 2023. The sum was somewhat higher than the year before, maintaining the growing trend that has been seen since 2016. The greatest natural gas reserves in Africa are found in Nigeria. About 29.7 billion standard cubic meters of natural gas were exported by it in 2022.
Nigeria’s Oil And Gas Market size in terms of production volume is expected to grow from 4.60 Billion cubic feet per day in 2024 to 4.93 Billion cubic feet per day by 2029.
