The Ministry of Energy and Petroleum wishes to inform the public that at the last Gulf of Guinea Gas Conference held in La Cote D?Ivoire between Ghana, Nigeria Equatorial Guinea and La Cote D?Ivoire the issues of natural gas and butane (LPG) in the Gulf of Guinea region were discussed.
Considering the need:
- to get more value from natural gas produced in the Gulf of Guinea
- for better use of butane produced from Nigeria and Equatorial Guinea
- for a drive towards more integration of national economies
- for a strong demand for electricity for industrialization and improvement of the living conditions of the citizens
- And also considering that the largest share of electricity in the region is produced by gas-fired thermal plants,
the Ministers of Energy and Petroleum of the respective countries muted the idea of establishing a sub regional private gas company.
Following this conference and in furtherance of concretizing this initiative, a ministerial level meeting was Thursday, February 6 2014 held at the Ministry of energy and Petroleum to explore the possibility of establishing the regional gas company. The meeting also included the Heads of the National Oil Companies of Ghana, Equatorial Guinea, La Cote D?Ivoire and Nigeria.
The various parties in the meeting agreed;
1.to establish a Sub Regional Private Gas Company whose main objectives would be to:
- import liquefied natural gas (LNG)
- develop infrastructure for LNG importation, storage and regasification
- develop natural gas and butane gas markets
2.to set up a shareholding structure of the new Regional Gas Company after economic studies have been finalized and further consultations between the parties are completed
3.to entrust the National Oil Companies with the duty of conducting a technical and economic study on the viability of the project on or before March 15, 2014
The report when completed is scheduled to be discussed by the Ministers of the participating countries not later than April 15, 2014 in Malabo, Equatorial Guinea.
The Ministry wishes to assure the public that they will constantly be updated on the progress of this initiative.
EDWARD A. BAWA
HEAD OF COMMUNICATIONS