Equatorial Guinea and Cameroon sign deal on shared gas reserves

Equatorial Guinea and Cameroon have taken a major step for gas production after signing an agreement to extract liquid natural gas from the Yoyo-Yolanda gas field that straddles both nations, according to Africanews via AFP on February 5th.

The agreement was signed during an official ceremony at the People’s Palace in Malabo, formalising plans to extract gas from the field that lies across the coastal border between the two neighbouring states. Part of the Yoyo-Yolanda gas reserves sit in Equatorial Guinea’s territorial waters, while the rest fall within Cameroon’s territory.

The agreement builds on a bilateral treaty agreed in March 2023, which set the legal framework for the joint development of the shared gas field. Equatorial Guinea’s Vice President, Teodoro Nguema Obiang Mangue, presided over the event, underlining its importance for both governments.

Officials have said the project is designed to strengthen economic cooperation and reduce reliance on external energy suppliers. Under the agreement, gas will be extracted jointly and transported to a processing and liquefaction facility at Punta Europa in Equatorial Guinea. Once liquefied, the gas will be prepared for export to international markets.

A second route will also allow gas to be transported towards Bipaga in Cameroon, giving both countries access to the resource and its potential revenues. The American energy company Chevron has confirmed it will continue to support the project.

Supporters of the deal say joint gas production could boost economic independence in the region and create new jobs during both the construction and operational phases. 

As work on the Yoyo-Yolanda gas field moves closer to starting, attention is likely to focus not only on the economic benefits but also on how both governments manage environmental protection and share the gains from one of Africa’s significant cross-border energy projects.

Africanews via AFP, Maghrebi.org