By Jolly Gwari and Agencies
|H.E Gabriel Mbaga Obiang Lima, Equatorial Guinea’s Minister of Mines and Hydrocarbons has invited Uganda’s Minister of Energy, Irene Muloni to attend the 5th GECF Summit. 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. The landmark event will take place in Malabo on November 25-27, 2019. This 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. Equatorial Guinea petroleum minister continues Africa Gas Advocacy setting the stage for November Gas Exporting Countries Forum (GECF) discussions. The 5th GECF Summit will showcase the role and future of gas development on the African continent, and this is the first time that it is held on the African continent. Besides, H.E Gabriel Mbaga Obiang Lima’s tour in Africa inviting GECF and non-GECF nations to attend the 5th GECF Summit, the major aim is to showcase Africa’s gas potential and promote intra-Africa cooperation. Through the 5th GECF Summit, Minister Obiang Lima hopes to promote gas development on the continent as a means to drive economic growth. 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. 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 it’s gas sector development including Alen Gas and Condensate Field on Bioko Island, which is said to 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.