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Nigeria, Equatorial Guinea to Cooperate on Oil Exploration - 2002-04-04

Nigeria and neighboring Equatorial Guinea have agreed to cooperate on oil exploration off their coasts and share the proceeds.

In a joint statement released Wednesday, Presidents Olusegun Obasanjo of Nigeria and Teodoro Obiang Nguema Mbasogo of Equatorial Guinea said the agreement shows how bilateral problems can be resolved.

The waters off the tiny, former Spanish colony of Equatorial Guinea are thought to be rich with oil. Nigeria is one of the world's largest oil producers.

Some information for this report provided by AFP.