At the ongoing Angola Oil & Gas (AOG) 2022 Conference and Exhibition, the Ministry of Mines and Hydrocarbons in Equatorial Guinea and Hydrocarbons and the Ministry of Hydrocarbons of the Democratic Republic of the Congo on Tuesday signed a Memorandum of Understanding (MoU) to develop existing synergies across their respective upstream, downstream, energy infrastructure and logistics sectors.

The agreement, which was signed by the ministers of DR Congo and Equatorial Guinea, H.E. Minister Didier Budimbu Ntubuanga and H.E. Minister Gabriel Mbaga Obiang Lima, calls for the formation of a working group to meet common energy goals and the execution of projects.

These include financing and constructing an oil refinery in the Democratic Republic of the Congo (DRC), which will be jointly owned by both nations, as well as building facilities for storing refined goods to address the need for refined petroleum products in the region.

To develop the DRC’s oil and gas blocks, carry out impending block allocation processes involving the local oil and gas sector, and raise overall output, the MoU aims to promote the transfer of knowledge and technical skills from Equatorial Guinea to the DRC.

Speaking, H.E. Mbaga Obiang Lima said: “Cross-border cooperation is one of the key tenets of Equatorial Guinea’s energy development strategy, as we aim to increase the availability of affordable and accessible energy in our country and across the region.”

“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.”

Also, commenting, H.E. Budimu Ntubuanga said:“The Congo is advancing its position as a leading African oil producer and we are looking forward to renewing and cementing our partnership with our neighbor Equatorial Guinea, one of the leading oil and gas producers in the region, to fully leverage our hydrocarbon resources, stimulate production and bring energy security to the country.”

In August, the DRC launched a 30-block licensing round, comprising three blocks in the coastal basin of the Kongo Central province, eleven near Lake Tanganyika, nine in the Cuvette Centrale, four blocks near Lake Albert, and three gas blocks on Lake Kivu.

GEPetrol, the national oil company of Equatorial Guinea, will work with SONAHYDROC, the state oil company of the Democratic Republic of the Congo, to expand the country’s liquefied natural gas and liquefied petroleum gas industries.