Mozambique’s natural gas reserves “will revolutionize the economy”; Equatorial Guinea extends offer of technical and policy advisory.

Equatorial Guinea to benefit from Mozambique’s experience in mineral resources, a developing sector in the Central African country.

Mozambique and Equatorial Guinea on Friday signed a memorandum of understanding to enhance bilateral relations in the energy and mining sectors. The MoU was signed in Maputo by Equatorial Guinea’s Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima and Mozambique’s Minister of Mineral Resources and Energy H.E. Ernesto Max Elias Tonela.

This agreement is the latest in a series of bilateral energy cooperation MoUs signed by Equatorial Guinea with African oil and gas nations. It primarily seeks to promote the exchange of information, knowledge and experience with respect to petroleum and mining policy. In particular, Equatorial Guinea will provide technical assistance and advice on natural gas monetization and infrastructure building. Mozambique, in return, will assist Equatorial Guinea in the development of its nascent mining sector. Officials and technicians from the two ministries will exchange visits as the first step in realizing closer cooperation.

During the visit of H.E. Gabriel Mbaga Obiang Lima to Maputo, the Minister held meetings with the Directors of the National Institute of Petroleum and the National Institute of Mines, and with the Chairman and CEO of the National Hydrocarbons Company Omar Mithá.

“We are excited to work with our brothers in Mozambique and transfer our experiences with natural gas as a catalyst for local content and economic growth,” said H.E. Gabriel Mbaga Obiang Lima. “Mozambique’s gas resources will revolutionize the economy and the global gas business. I see strong commitment from the leadership to developing them quickly and sustainably, and to learning from our experience.”

H.E. Ernesto Max Elias Tonela said: “There is much to learn from our African neighbors, particularly in the gas business, where many have been before us. This new agreement with Equatorial Guinea allows us to build a framework for sharing our own experience in mining, and for learning best practice in gas monetization.”