Venezuela, Equatorial Guinea strengthen oil, gas cooperation

A Venezuelan delegation headed by the Ambassador of the Bolivarian Republic of Venezuela to Equatorial Guinea Nelson Ortega held a virtual meeting on Friday, July 24, with Minister of Mines and Hydrocarbons Gabriel Mba Obiang Lima to strengthen oil, gas cooperation and review different cooperation agreements between the two nations.

During the virtual meeting, convened by Equatorial Guinea’s Ministry of Mines and Hydrocarbons and the National Alliance Hydrocarbons Service C.O. (NAHSCO), Minister Obiang Lima stressed the importance of cooperation in exploration, management of refineries, training and other technical areas of common interest, and the endorsement of four agreements between the two nations on the occasion of the Summit of Gas Exporting Countries in 2019.

Ambassador Ortega highlighted the need of implementing these agreements, which had come to a halt due to the COVID-19 pandemic.

Equatorial Guinea’s Oil Ministry and companies presented a report on the country’s oil and gas sector, focusing on the potential investment areas, the needs of the mining sector and the country’s legislation.

The Venezuelan delegation also included Vice-minister of Hydrocarbons of the Ministry of People’s Power for Oil Germán Márquez, who reaffirmed Venezuela’s will to support onshore exploration in Equatorial Guinea with the participation of the Venezuelan Oil Corporation (CVP) as majority shareholder of 43 joint ventures.

Vice-president of International Affairs of Venezuela’s oil company Petróleos de Venezuela (PDVSA) Rander Peña stressed that the priority areas for bilateral cooperation include exploration, refining (consulting), storage, development and technology transfer, and academic training, in addition to the offer of fields for investment, proposals for trading and transportation schemes, and strengthening the value chain of GEPETROL and SONAGAS in Equatorial Guinea.

Venezuela and Equatorial Guinea agreed to set up technical cooperation roundtables for the implementation of endorsed agreements and the possibility of paying official visits to move forward with cooperation.

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