July 20, 2022

Mr. Gabriel Lima, Minister of Mines and Hydrocarbons, Equatorial Guinea has lauded the initiative of the Nigerian government for the new Nigeria National Petroleum Company Limited, describing Nigeria as a great example for Africa.

Lima made this known in an interview with newsmen on Wednesday in Abuja, following the unveiling of the new NNPC Ltd on Tuesday.

He said that Nigeria was a great example in the oil and gas sector with so many expertise which other African countries should learn from.

The Minister also noted that Nigeria and the late Mohammed Barkindo, former Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), were instrumental to the successful harnessing of Equatorial Guinea’s oil and gas.

“First of all, I will like to express my condolence to all Nigerians, especially the oil sector, for the passing away of OPEC Secretary-general, Mohammed Barkindo.

“Equatorial Guinea have been one of the countries that have been touched by his work. He was instrumental for us to join OPEC, he was very instrumental for us to learn about the sector.

“I do believe this is a very important step for the African National Company and it is something that we have to learn from it.

“I am a big advocate that Nigeria is an example of oil and gas.

“A lot of people they focus on the negative part, but they forget that there are very many things that Nigeria has done very well; Local contents, operations, creating entities like this initiative of the NNPC Limited.

“What Nigeria needs to do is that they need to export the knowledge in the oil and gas. There are so many executives in Nigeria that can go to the continent and teach all of us.

“You have African countries that never expected to have oil; Namibia, Mozambique, Senegal, South Sudan, and these guys are starting from zeros,” Lima said.

Lima appreciated Nigeria for guiding Equatorial Guinea through when the country first started its oil and gas exploration.

The Equatorial Guinea’s Mines and Hydrocarbon minister, however, noted that his country was ready to continue to partner Nigeria to become one of the world’s highest exporter of oil and gas.

Lima said that with Equatorial Guinea having built one of the world’s fastest LNG plants in the world, a collaborative effort between both countries would boost production and increase revenue for both countries and the continent.

“A long time before we began producing, we came here and Nigeria advised us. for example one of the things that we learnt from day one is gas utilisation.

“We do have the big methanol plant in Africa, three per cent of the world methanol comes from here.

“We built the fastest LNG plant in the world and that is why the project with Nigeria is not to buy the gas, it is just to bring the gas, we process the gas on your behalf and we sell it together.

“That is why so many Nigeria producers are so excited about it because it is not just buying at fixed price.

“Once you process it, you sell it to the market price, and then if the price is high we all benefit and if the price is low we have a reasonable benefit.

“But the key thing is we actually have more benefits with the relations with Nigeria than Nigeria with us. Nigeria has a lot of experience,” Lima said. (NAN)