Energy Ministers in Central African nations reached an agreement on Friday to construct an oil and gas pipeline network that will boost the supply of energy in the region.
Cameroon, Equatorial Guinea, Gabon, Chad, DR Congo, Congo Brazzaville and Angola all signed the deal at the Central African Business Forum in Douala, Cameroon.
Minister of Mines and Hydrocarbons in Equatorial Guinea, Gabriel Mbaga Obiang Lima revealed that the countries are committed to increasing their production of energy.
The Minister said the deal to “build three gas pipelines measuring about 6,500 kilometres is targeted at “ensuring the survival of the entire region in the energy sector,”
The deal also states that three refineries linked by power plants fired by gas linking eleven countries will be constructed as terms of the deal.
Lima said the overall objective of the deal is to ensure that the region doesn’t experience energy poverty by 2030, while they also hope to create an energy security for the future.
Financial institutions in the region are optimistic about the potential of the project as the region holds an estimated 31.3billion barrels of oil.
Five of Africa’s 10 biggest oil reserves are in Central Africa with Gabon, Angola, Equatorial Guinea, Chad and Republic of Congo all there.