Cameroon, Equatorial Guinea sign agreement for cross-border gas project
Equatorial Guinea and Cameroon Sign LNG Extraction Agreement
Equatorial Guinea and Cameroon Sign LNG Extraction Agreement
Equatorial Guinea and Cameroon have formalized an agreement to cooperate on the extraction of liquid natural gas (LNG) from the Yoyo-Yolanda gas field. This field is located in the coastal waters between the two countries, with sections in both Equatorial Guinea's and Cameroon's territorial zones.
The official signing ceremony took place on Tue, Oct 10, 2023, at the People’s Palace in Malabo. Equatorial Guinea's Vice President, Teodoro Nguema Obiang Mangue, presided over the event, marking a significant step towards the operationalization of the bilateral treaty initially signed in March 2023.
Equatorial Guinea and Cameroon Sign LNG Extraction Agreement Equatorial Guinea and Cameroon have formalized an agreement to cooperate on the extraction of liquid natural gas (LNG) from the Yoyo-Yolanda gas field.
The American oil and gas company Chevron has committed to the project. The extraction process will involve liquefying the gas at a specialized facility in Punta Europa for export. Additionally, gas extraction will occur along a secondary axis to Bipaga in Cameroon.
While the project aims to enhance economic cooperation and create employment opportunities, it also raises environmental concerns. The long-term impact of offshore gas extraction on the environment is a topic of consideration in the implementation of this project.
Based on reporting by Africanews.
