Saipem Secures $100 million Contract To Build Subsea Pipeline in Equatorial Guinea

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Saipem Secures $100 million Contract To Build Subsea Pipeline in Equatorial Guinea

Tue, 11/19/2019 - 14:49
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The small west African country of Equatorial Guinea, boasting the continent's best infrastructure (all attributable to its relatively vast hydrocarbon wealth -  proven natural gas reserves estimated of 4.5 trillion cubic feet), has awarded Italy's Saipem a contract worth $90 - $100 million to build a 70km subsea pipeline connecting the Alen Platform with the Punta Europa petrochemical hub.  

Gas deliveries from the project, operated by Noble Energy, are expected to begin in early 2021.  The final investment decision of the gas monetization project of the Alen-Backfilling unit which links producing gas fields in Equatorial Guinea to onshore LNG facilities was signed in Malabo in April.da

It is widely considered the first phase of the Gas Megahub vision, which aims to turn the Island of Bioko into a mega-center of gas processing.

Equatorial Guinea has proven natural gas reserves estimated of 4.5 trillion cubic feet (37×109 m3), according to the Oil & Gas Journal.

The country’s natural gas reserves are located off Bioko island, which is the site of the nation’s capital, Malabo, and mainly in the Zafiro and Alba oil and gas.

“We anticipate that this contract, which is being approved exceptionally under the given circumstances, will contribute immensely to improving the performance of local businesses and the creation of employment,” Oil Minister Gabriel Obiang Lima said.

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