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Cameroon – Energy: Victoria Oil & Gas gets 15 billion FCFA from BGFIbank Cameroon to increase production in Logbaba

victoria-oil-gas-gets-15-billion-fcfa-from-bgfibank-cameroon-to-increase-production-in-logbaba
Written by Deckson N.

Victoria Oil & Gas, a British firm that has pioneered the exploration, production and distribution of natural gas in Cameroon through its wholly owned subsidiary, Gaz du Cameroun S.A, agreed to a $26 million debt facility (approx. 15 billion FCFA) with BGFIBank Cameroon. The company announced in April, that the debt facility was obtained to support expansion of the Logbaba field programme for the period 2016-2017.

Over the period, Gaz Du Cameroun plans to increase the production of this field in the Douala basin by 30%, after a 107% increase in the daily average last year.

The company experienced gas production in the first half of 2016 of 13.1 million cubic meters per day (mmscf / d), according to unaudited interim results. The company sold 2282 mmscf of gas and garnered 23.6 million USD (about 14.16 billion FCFA) over this period.

In addition, Gaz du Cameroun signed a contract with Savannah Oil Services for the supply of drilling equipment for the two wells it intends to drill during the year. To do this, it signed a contract with the French construction company Satom for the installation of a gas pipeline distribution network that will allow new customers to be connected to the grid as early as 2016.

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Deckson N.