The Alen gas monetization backfill project represents the first phase of the master plan for the gas mega hub in Equatorial Guinea; Launched by the Ministry of Mines and Hydrocarbons in May 2018, the Gas Mega Hub aims to aggregate gas from upstream producers to deliver it to the onshore industry; Equatorial Guinea is currently in talks with Cameroon and Nigeria to facilitate additional cross-border links.
The Alen gas monetization backfill project represents the first phase of the strategic vision to transform Equatorial Guinea into a mega gas hub through the development of several offshore gas hubs and the monetization of neighboring gas reserves.
By aggregating gas from upstream producers and delivering it to the onshore industry, the Mega Hub aims to create new efficiencies and guarantee the regular production of liquefied natural gas (LNG) in Equatorial Guinea, as well as reduce the dependence on single producers upstream.
The Alen backfill project provides for the monetization of 580 billion cubic feet of natural gas over six years via a 68 km pipeline, which connects the Alen unit operated by Chevron to the existing gas processing facilities at Punta Europa for the production of Liquefied LNG. petroleum gas and gas condensate.
Located approximately 32 km off the island of Bioko, the Alen field is a liquid-rich gas and condensate field that has operated as a condensate production and natural gas recycling project since it entered service in 2013, as well as natural gas produced and reinjected. in the reservoir to promote improved fluid recovery.
“This investment is crucial for the economy of Equatorial Guinea and the region. The Gas Mega Hub is an investment that has created jobs during tough economic times and will create the jobs of the future. Said HE Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons.
“This will boost the energy sector and by making deals with Cameroon and Nigeria, we intend to encourage industry, stimulate economic growth and generate revenue for regional governments to help finance education, hospitals and infrastructure. It is possible with natural gas and we are committed to doing it with new technologies and investments ”, concluded Gabriel Obiang Lima.
The project represents a foreign direct investment of approximately $ 475 million, of which local and international companies have benefited from the provision of related services.
For its part, Equatorial Guinea has become a regional leader in gas monetization in West Africa and is currently home to two gas processing poles: the Alba field operated by Marathon and the Alen unit operated by Chevron. The creation of an offshore gas industry has opened up new opportunities for linkages to unlock additional gas resources that would otherwise be left hanging.
The development also serves to facilitate cross-border links with gas projects in neighboring countries and opens the door to the creation of new hubs to serve the region. The Ministry of Mines and Hydrocarbons of Equatorial Guinea is in advanced talks with Cameroon regarding a framework for monetizing resources located in the cross-border field of Yoyo-Yolanda, which could represent the second phase of the project.
In addition, a state-to-state agreement was signed between Equatorial Guinea and Nigeria for the potential of transporting Nigerian gas to Bioko Island. This, in addition to discussions with Cameroon, could potentially trigger additional investments in Punta Europa, including the construction of a second LNG train and the implementation of other new projects.
Short Link: https://wp.me/pcj2iU-3y6Y
- COVID-19 worsens TB cases in Nigeria – Director
- Abia police command confirms attack on Uzuakoli division post
- 2023: Ebonyi INEC forms OEs for proposed voting units
- Governor Wike urges FG to allow states to develop minerals and pay royalties
- COVID-19: NCDC Performs 1,870,915 Tests, Confirms 70 New Infections
- Police neutralize 3 bandits and recover 330 stolen animals in Katsina state – PPRO
- NWFL Super Six: Sunshine Queens, Bayelsa Queens, draw 1-1
- Food security: the group trains 100 young Ebonyi in agro-industry
- What the domestic leagues will look like if the Super League 12 are sent off