Eunice Kalu
Lagos — The Nigerian government and Saudi Arabia have signed a Memorandum of Understanding, MoU, aimed at enhancing energy cooperation between the two nations and promoting capital investment.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, signed on behalf of the Federal Government, while the Energy Minister of Saudi Arabia, Prince Abdulaziz bin Salman, signed for his country.
Nneamaka Okafor, the special adviser on media and communication to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri in a statement said the MoU is a testament to a shared commitment to fostering cooperation, with the aims of establishing a robust framework for collaboration between the two nations in the oil and gas sector.
The statement noted: “The primary goal of the MoU is to foster collaboration, information exchange, and technology transfer, creating an environment conducive to a mutually beneficial partnership.
“A major expected benefit from this significant agreement is the facilitation of technological exchange. With Saudi Arabia’s advanced oil and gas exploration and production technologies, Nigeria stands to gain significantly from this knowledge transfer.
“The sharing of technical expertise is expected to enhance the efficiency and effectiveness of Nigeria’s energy operations, ultimately leading to increased production levels and global competitiveness.”
Mr. Abdulaziz bin Salman, who signed on behalf of Saudi Arabia, according to the statement, showed optimism about the far-reaching impacts this strategic alliance would have on both countries’ energy landscapes.
“The key purpose of the MoU is to promote collaboration, information exchange and technology transfer, thereby creating a conducive environment for a mutually beneficial partnership.
“One of the primary benefits anticipated from this landmark agreement is the facilitation of technological exchange. With Saudi Arabia boasting advanced technologies in oil and gas exploration and production, Nigeria stands to gain significantly from this knowledge transfer,” the statement said.
