The neighbouring nations want to cooperate economically by extracting LNG (liquid natural gas) from the Yoyo-Yolanda gas field, which straddles the two countries.
It’s celebrated as a major step towards closer economic cooperation. On Tuesday, Equatorial Guinea and Cameroon signed in an official ceremony taking place at the People’s Palace in Malabo an operating agreement for the extraction of gas from the Yoyo-Yolanda gas reserves.
The field lies in the coastal waters between the two countries, with one part in Equatorial Guinea’s territorial zone, while the other lies in Cameroon’s waters.
The neighbouring countries already signed a bilateral treaty for joint extraction in Mach 2023. The official signing ceremony, which Equatorial Guinea’s Vice President Teodoro Nguema Obiang Mangue presided over, officialised the treaty and represented a concrete step towards extraction.
The American oil and gas company Chevron has reaffirmed its commitment to the project.
The two countries aim to extract gas and liquefy it at a specialised centre in Punta Europa before exporting it. Gas will also be extracted along a second axis to Bipaga in Cameroon.
While the project is celebrated for the economic sovereignty it will push for the region and the additional jobs it will create, the environmental impact of offshore gas extraction remains a heavy shadow that could have negative long-term consequences.
