Equatorial Guinea offers oil block concessions to Nigeria

equatorialguinea  Embassy of Equatorial GuineaEquatorial Guinea has revealed plans to offer concessions on oil blocks to Nigerian companies that were planning to make a move for the them

President of Equatorial Guinea, Obiang Nguema Mbasogo, made the announcement at a joint press conference with Nigerian President Goodluck Jonathan in Malabo.

Mbasogo noted that he was making the offer because of his country’s partnership with Nigeria, which Equatorial Guinea intended to make the most of tapping into the vast experience of Nigerians in the oil business in order to develop his own country’s oil and gas sector.

Equatorial Guinea's leader said, “It is true that Nigeria has been in oil and gas business for the past 40 to 50 years, whereas we have just started. That is why we place our trust and confidence in Nigeria to assist us in developing the sector.

“In the past, we have allocated oil concession to members of this sector from Nigeria but for one reason or the other, this did not actually yield the fruits expected. But, we are still willing to offer oil concessionary blocks to businesses from Nigeria.”

On his part, President Jonathan lauded Mbasogo over what he described as a high level of historical cordial relations between Nigeria and Equatorial Guinea.

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