Nigeria, Equatorial Guinea Sign Oil, Gas Deal
 11th DEC 2006

Nigeria has signed a deal to supply gas to its Central African Neighbour, Equatorial Guinea, officials said on Thursday.

Under the deal signed in Abuja on Wednesday, Nigeria would in turn get two oil blocs in the Gulf of Guinea, a lucrative oil zone administered by the two countries, they said.

"Gas supply to Equatorial Guinea is part of a national policy of aggressively developing and monetising Nigeria's abundant natural resources," said Funso Kupolokun, the head of Nigerian National Petroleum Corporation (NNPC) at the ceremony.

He said the Central African country would allocate two oil blocks to Nigeria while plans were underway to also apply for a third block.

"Equatorial Guinea has agreed to allocate two oil blocks A12 and B12 to NNPC for which NNPC would be the contractor," he added.

Equatorial Guinea Industry and Energy Minister Atanasio Nturu welcomed the deal, saying it would foster greater economic relations between the two oil-rich countries

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