Nigeria, Equatorial Guinea sign $2.5-billion pipeline deal

Nigeria

LAGOS, August 16, 2024 – Nigeria and Equatorial Guinea have signed an agreement to build and operate a 200-kilometre gas pipeline between the two countries, Nigeria’s presidential spokesperson Ajuri Ngelale announced on Thursday.

The pipeline, named the Gulf of Guinea Gas Pipeline, entails an investment of USD 2.5-billion and will transfer gas from Nigeria to Equatorial Guinea in support of the latter’s LNG facility at Punta Europa.

Nigerian president Bola Tinubu and Equato-Guinean president Teodoro Obiang Nguema Mbasogo signed the agreement during the Nigerian president’s three-day visit to Equatorial Guinea.

The agreement covers the legislative measures for the establishment and operation of the pipeline, the transit of natural gas, the ownership of the pipeline and general principles.

Antonio Oburu Ondo, Minister of Mines and Hydrocarbons of Equatorial Guinea, stated, “This agreement marks a significant milestone in Equatorial Guinea’s GMH [gas mega hub] initiative, reinforcing our position as a regional leader in gas monetisation. By partnering with Nigeria on the Gulf of Guinea Gas Pipeline, we are not only strengthening bilateral cooperation but also regional collaboration to ensure a secure and reliable supply of gas for our LNG facility at Punta Europa for years to come. This project will unlock immense economic value for both our nations, driving sustainable development and energy security across the region.”

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