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NNPC Acquires Two Blocks in Equatorial Guinea

Equatorial Guinea News 12-15-2006

Within the general framework of African integration, and more specifically, in line with New Partnership for African Development’s (NEPAD) spirit, the Nigerian National Petroleum Corporation, NNPC, has started operating abroad with its acquisition of two oil blocks in Equatorial Guinea, along with a gas deal for 800 million standard cubic feet of gas daily.

The Group Managing Director of NNPC, Dr. Funsho Kupolokun, made the announcement at a signing ceremony sealing economic cooperation between the two countries.

NNPC won access to Blocks AJ and B12 and is currently applying for a third block through the next licensing round. NPDC (Nigerian Petroleum Development Co.) will be the participating contractor on the blocks.

Kupolokun said that the supply of 600 – 800 million standard cubic feet per day, of natural gas to EG Liquefied Natural Gas (EG LNG) Train 2 is in line with the Nigerian Administration's policy to supply all the gas required to the countries in the region, and to participate in pipeline projects such as the West African Gas Pipeline Project and the Trans-Sahara Gas pipeline Project with Algeria that is under study.

Kupolokun also said that the NNPC, in line with its current policy of increasing the participation of Nigerian companies and human resources in all areas of the petroleum industry, will pursue the development of Equatorial Guinea’s human resources in the oil industry as well.

The Minister of Mines, Industry & Energy of the Republic of Equatorial Guinea, Atanasio Ela Ntugu, was also on hand at the ceremony. Ntugu expressed that his country was quite optimistic about future cooperation with Nigeria and NNPC.