Equatorial Guinea‘s Ministry of Mines and Hydrocarbons Displays Improvement in Gas and Mining Adventure
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Drilling schemes, innate gas downstream enterprises, cross-border negotiations and a detailed revised of the mining sector are an exceptional of the endeavors Minister of Mines and Hydrocarbons – Gabriel Mbaga Obiang Lima’s squadron has executed in recent months.
Entrusted with enabling the Central African oil creator to survive the challenges of the COVID-19 pandemic and the 2020 recession in oil prices, the Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea inaugurated a 100-day proposal to shove the sector forward and pursue financial development. The strategy has presently concluded. Yet, the two incessant major projects in the country’s overarching scheme to establish a natural gas-driven downstream mega-hub at Punta Europa to appear to be on track. The Backfill project meant to nourish gas from the Alen field to the hub is 85% inferred, while the Punta Europa modular refinery is 90% finalized, according to an MMH experiment summary. And that, phase two of a new compressed natural gas plant and a monitoring strategy for the liquefied petroleum gas sector are 60% and 50% finalized, respectively.
National gas company SONAGAS’ investment in Equatorial Guinea’s liquefied natural gas plant – EGLNG, has also improved to 37.5%, from an initial 25%. The MMH has inducted and finalized a new onshore drilling agenda as well as introductory researches to observe marks in its continental bays. Negotiations with Cameroon for the mutual
development of the Yoyo-Yolanda cross-border gas honed have also been revivify.
This epoch was also utilized to clean house, addressing the issue of Exonmobil’s divestment from the Zafiro project and crafting a follow up strategy, auditing both the national companies SONAGAS and GEPetrol, and the international oil companies, which is ongoing, and formulating a cash call financing system for GEPetrol’s
participation in output disseminating pacts.
In addressing a crucial topic in recetomonths, as Equatorial Guinea encountered energy scarcities, the Ministry also constructed a stock control system for GEPetrol’s and Total’s fuel reserves, the country’s two fuel distributors, as well as supervising the last stage of the construction of Tradex’s pump stations, a new entry to the market. Therefore, as a thrust to improve the payment of the mining sector to GDP, the MMH has sought for transparency and reform in recent months. A new delimitation of the mining regions to be reviewed has been concluded, which should simplify the signing of new agreements with private sector performers.
The Niefang mineral processing plant has been striding ahead and is 80% assumed, while the initial surveys for the formation of a mineral refinery in Kogo are also near fulfillment. Procedures, for the accession of artisanal production of minerals by either the government or private companies has also been assumed and the attribution of
agreements to mining companies is short to realization.
A sum of programs were deployed to both enable local communities as well as unrestricted chances for entrepreneurs. Among others, a program to benefit start-ups within the MMH is being enforced, while a miner’s support program, a fishing sector support program, and a new mining school are also being ascertained.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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