Ghana and Equatorial Guinea have inked a major energy deal. The two countries have signed a co-operation agreement on the exploration of hydrocarbon and the maintenance of petroleum equipment. Hydrocarbons naturally occur in crude oil; decomposed organic matter creates an abundance of carbon and hydrogen.

Ghana Business News reports, the agreement, an amended version of what has existed between the two countries since 2010, will also see the two countries co-operate in the area of the production, storage, transportation and commercialization of hydrocarbons.

This new agreement will also involve the country’s gas development infrastructure component, whereby the Equatorial Guinea Gas Company will provide technical expertise for the Ghana Gas Company. This move will ensure that Ghana achieves its target in the development of its gas resource.

The Minister of Energy,  Kofi Armah Buah, signed on behalf of Ghanian government, while the Minister of Mines, Industry and Energy for Equatorial Guinea, Gabriel Mbaga Obiang Lima, signed for his country.

“We are optimistic that this amended agreement will offer immense assistance to the country’s petroleum sector, particularly in the areas of local content, maintenance of petroleum equipment and downstream operations where jobs could be created for our people,” Buah said at the signing.

Obiang Lima added that following the development of Equatorial Guinea’s oil industry, there was important to cooperate and share knowledge with its development partners for common gains.

“Since energy has become the cornerstone of human development and a vital cross-cutting component towards poverty reduction and addressing developmental goals, we see this cooperation as a long-standing friendship that will inure to the advantage of our two countries,” he said.