Cameroon – Energy: Victoria Oil & Gas completes fourth quarter of 2016 on a high note

Victoria Oil & Gas completes fourth quarter of 2016 on a high note
Written by Deckson N.

In Cameroon, the British Victoria Oil & Gas (VOG) released a satisfactory update of its activities in the fourth quarter of the past year.

According to the document, the company’s average gas production increased slightly to 7.64 million cubic meters per day in the fourth quarter of 2016, compared to 7.14 million cubic meters in the same period of the previous year. This improvement resulted in a better financial result compared to fiscal year 2015.

Gross gas sales in the Logbada field increased by 24% from 2.86 million to 3.56 million standard cubic feet. The energy group also reported a cash balance of over CFAF 10 billion at December 31, 2016.

In addition, VOG reported that, as of December 31, 2016, the drilling program for the two twin wells La-107 and La-108 on Logbada proceeded as planned. The first was drilled to a depth of 1,618 m and the second to 1,173 m. The company said it was satisfied, so far, with the provisional results of drilling.

The company also confirmed the order for 15 km of pipeline, as part of the extension of its pipelines to its new Bonabéri customers.

I am particularly pleased that our gas sales increase compared to the previous year … Our drilling program has made good progress and we are gradually achieving the expected results on Logbada […] The extension of our pipeline network to Consumers of Bonaberi is vital to us […] We look forward to providing further updates in the coming months, “says Ahmet Dik, General Manager of VOG.

Read the complete update below:

Facebook Comments

About the author

Deckson N.

Please wait...

Subscribe to our site and be Informed!

Want to be notified when our article is published? Enter your email address and name below to be the first to know.