Nigeria, Saudi Arabia seal oil, gas deal

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Nigeria and Saudi Arabia have signed an MoU on oil and gas cooperation, says Sen. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources.

Lokpobiri shared the announcement via his official Twitter handle Thursday night.

According to the minister, the Memorandum of Understanding (MoU) between the countries was signed at the Saudi-Arab-African Economic Conference in Riyadh.

He explained that the MoU is aimed at targeted and specific goals within the oil and gas sector to foster growth and prosperity in Nigeria’s energy industry.

The minister added that the goals include: enhanced technological exchange, increased investment flow and strengthened strategic partnership.

The memorandum also outlines the objectives to include boosting collaboration and development in Nigeria’s energy domain.

“For the purpose of cooperation in our oil and gas sector, we are intensifying our friendly ties with the Kingdom of Saudi Arabia based on the principle of equality and mutual benefits. We have, therefore, entered into a Memorandum of Understanding (MoU) with the objective of setting a framework of cooperation between us and with the aim of promoting collaboration and strengthening our partnership in the oil and gas sector for mutual benefit.

“From this, we can anticipate enhanced technological exchange, investment inflow and a strengthened strategic partnership, paving the way for sustainable growth and prosperity in our energy landscape,” he said.

Earlier on Thursday, Lokpobiri announced his meeting with H.E. Prince Abdulaziz bin Salman Al Saud, the Energy Minister of the Kingdom of Saudi Arabia and Chairman of OPEC’s Joint Ministerial Monitoring Committee (JMMC) in Riyadh.

The conversation primarily centred on the oil production quotas of both nations and forging a strategic alliance to guide the energy sector’s direction.

He expressed satisfaction in observing the Kingdom’s steadfast commitment to mutual energy objectives.

Their discussions focused on strategic initiatives to boost cooperation, ensuring that oil production harmonizes with global demands.

According to Lokpobiri, this spirit of collaboration brings a positive outlook for the future, aiming to address the dynamic challenges in the global energy landscape.

Lokpobiri stressed the importance of working closely with OPEC partners to not just meet but surpass oil production goals, aiming for a sustainable and prosperous energy future.

Earlier during the Saudi-Arab-African Economic Conference in Riyadh, Saudi Finance Minister Mohammed Al-Jadaan, had disclosed that the Saudi Fund for Development would finalize agreements amounting to 2 billion riyals ($533 million) with various African nations.

The report also noted that Saudi Energy Minister Prince Abdulaziz bin Salman inked initial agreements during the conference, focusing on energy-related collaboration with countries such as Nigeria, Senegal, Chad, and Ethiopia.

These agreements signify the kingdom’s intentions to foster cooperation and investment in energy initiatives across Africa.