Cameroon and Equatorial Guinea signed a Cooperation Agreement for the Exploitation Oil and Gas Fields

On March 17, 2023, during the Heads of State summit of the Economic and Monetary Community of Central Africa (CEMAC) countries held in Yaounde, the President of the Republic of Cameroon, Paul Biya, and Teodoro Obiang Nguema Mbasogo, President of the Republic of Equatorial Guinea signed a cooperation agreement for the exploitation of cross-border oil and gas fields. The bilateral agreement is aimed to bring with it new opportunities for oilfield development and regional energy security. The agreement will also focus on developing and monetization of cross border hydrocarbon fields, particularly the Yoyo field in Cameroon and Yolanda in Equatorial Guinea. The two Chevron-operated oil and gas fields are located along the maritime borders of Equatorial Guinea and Cameroon. The treaty will also cover the development of Cameroon’s New Age-operated Etinde gas field and Equatorial Guinea’s Camen and Diega fields. This important partnership agreement is an exemplary illustration of solidarity that is aimed at strengthening sub-regional integration. The African Energy Chamber (AEC), celebrates and supports the signing of the bilateral treaty between Equatorial Guinea and Cameroon. The Chamber is confident that the agreement will unlock a new era of cooperation, with the agreement serving as a blueprint for other African countries looking at strengthening knowledge, sharing, skills, technology transfer, infrastructure development, and local content.

???????????????Unfortunately, this agreement is coming at a time when a proposal by African leaders to increase investment in fossil fuels has caused uproar among climate activists. Activists warned that the plan would distract from the clear need for renewables, locking the continent into fossil fuels for decades to come, while also shifting dangerous nuclear technologies shunned by Europeans onto African soil. According to the Coordinator of Climate Action Network Africa Dr. Sixbert Mwanga, ‘The African Continent is endowed with so many and high quality renewable energy sources including solar, wind, geothermal, tidal which could benefit its people. As a concerned African citizen, it is totally unacceptable for African leaders to prioritize oil and gas while millions hardest hit by the unfolding climate crisis are struggling to adapt to the devastating realities of climate change. Calling for more and new exploitation of fossil fuels in Africa is driven by the same hungry countries that only see Africa as a gold mine.’ Terence Mesue Ehang of Action Governance over Natural Resources (AGNR)?demand’s a shutdown of this colonialist mindsets that would?only lead to more conflicts and accelerate humanity's doomsday. He argued that moving towards clean energy revolution will do nothing for these leaders that have built a kleptocracy with profits from fossil fuels.

???????????????By Livinus Njume Esambe (PhD)