Equatorial Guinea has signed a bilateral cooperation agreement with Cameroon to jointly develop and monetise oil and gas projects along their borders.

The agreement is aimed at starting a new phase of energy security between the countries while bring new opportunities for oilfield development.

African Energy Chamber (AEC), as the voice of the African energy sector, said the agreement would “unlock a new era of cooperation, with the agreement serving as a blueprint for other African countries looking at strengthening knowledge sharing, skills and technology transfer, infrastructure development and local content, all on the back of cross-border oil and gas maximisation”.

AEC urged the Equatorial Guinea and Cameroon governments to fast-track field development and bring new supplies on the market.

The agreement will focus on developing and monetisation 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.

AEC executive chairman NJ Ayuk said: “We believe that cooperation among African countries is key for driving the development and monetisation of hydrocarbon resources to address looming energy access and affordability issues across the continent.

“What we need to see now is consolidated efforts by all West African countries to address regulations that continue to deter investment, thereby putting in place enabling environments that trigger further growth across the energy sector.”