At the last Gulf of Guinea Gas Conference held in la Cote d’Ivoire, the issues of natural gas and butane (LPG) in the Gulf of Guinea were discussed by the afore-mentioned West African countries.
Discussions centred on the need to get more value from natural gas produced in the Gulf of Guinea, and better use of butane produced in Nigeria and Equatorial Guinea.
The discussions encapsulated the drive toward more integration of national economies, and the demand for electricity for industrialisation as well as improvement of the living conditions of the citizens — and the fact that the largest share of electricity in the region is produced by gas-fired thermal plants.
Consequently, a ministerial level meeting was held on February 6 at. the Ministry of Energy and Petroleum to explore the possibility of establishing the proposed regional gas company.
The meeting also included the Heads of the National Oil Companies of the four countries.
The parties agreed to establish a sub-regional private gas company whose main objectives will be to import liquefied natural gas, develop infrastructure for LNG importation, storage and regasification and develop natural gas and butane gas markets.
They also discussed a shareholding structure for the new regional gas company after economic studies have been finalised and further consultations between the parties are completed.