Oil & Gas

Equatorial Guinea, Congo team up on refinery plan

Equatorial Guinea and Congo Kinshasa have signed an agreement to work together, including in the construction of a joint-owned refinery and a controversial licence round.

Equatorial Guinea Minister Gabriel Mbaga Obiang Lima signed the memorandum of understanding (MoU) with his Congolese counterpart, Didier Budimbu Ntubuanga, at the Angola Oil & Gas 2022 conference.

The MoU committed to setting up a working group for “shared energy objectives” and certain projects.

Primary among these was the proposed refinery in Congo. The facility would aim to meet regional demand for products.

Obiang Lima said cross-border co-operation was one of his country’s “key tenets” in its energy development strategy.

“This MoU, coupled with previous agreements signed with Cameroon and Nigeria, support our national mandate to facilitate the production and trade of African petroleum products and create value-added industries,” he said.

Budimbu said the partnership with Equatorial Guinea would allow Congo to “fully leverage our hydrocarbon resources, stimulate production and bring energy security to the country”.

Congo launched a bid round process earlier this year. Environmental activists condemned the move, citing concerns about the impact on vulnerable peatlands and other issues.

Budimbu said the MoU also covered the transfer of expertise from Equatorial Guinea to Congo. The aim, it said, is to develop Congolese blocks and carry out the award of blocks.

Gepetrol will also assist Congo’s state-owned Sonahydroc in developing its gas sector, particularly in promoting LNG and the LPG sector.

In addition, Angola’s Agência Nacional de Petróleo Gás e Biocombustíveis (ANPG) signed up to work with Sierra Leone. Meanwhile, the Angolan government signed an MoU with Namibia on geological studies and the development of joint projects.

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