Equitorial Guinea to offer Nigerians oil blocks

23 March 2013, Malabo – The Equitorial Guinea government has indicated its readiness to award oil blocks to willing Nigerian investors interested in playing in its oil and gas sector.

This is the outcome of President Goodluck Jonathan’s two-day official visit to the oil-rich country which ended on Friday.

Speaking at a joint press conference with President Jonathan in Malabo, President Obiang Nguema Mbasogo said Equitorial Guinea was interested in tapping from the vast experience of Nigerians in the business to develop his country’s oil and gas sector.

“Nigeria has been in oil and gas business for the past 40 to 50 years whereas Equatorial Guinea’s situation started just recently and the experience that you have is far larger than ours.

“That is why we place our trust and confidence in our Nigerian brothers to help and assist us to develop 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 nevertheless, we are still willing to offer oil concessionary blocks to those business people from Nigeria who will be willing to try their luck again.

“You know there is a great deal of luck issue in oil prospecting in the oil industry. It is not easy.

“It involves a lot but we still have a great deal of confidence that the experience of Nigeria can always be beneficial to the people of Equatorial Guinea in the growth of our oil and gas sector”.

Also speaking, President Jonathan applauded the level of relations between the two countries.

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  • What purpose would offering Nigerians oil blocks serve? Have Nigerians been able to add any value to the oil blocks in Nigeria?