Monday, July 20, 2009
Another contract has been signed between the Cameroonian government and an international oil company. Glencore Exploration Cameroon Ltd. signed a PSC for exploration in the Rio del Rey Basin with the Ministry of Industries, Mines and Technological Development and Cameroon’s National Hydrocarbons Corp. (SNH). The contract was the third signed between the government and an oil exploration company within two weeks.
Glencore under the terms of the PSA will carryout exploration activities in the Bolongo Block. The company is required to conduct seismic acquisition, processing, and interpretation of at least 350 sq km of 3D data as well as drill one exploration well. Required activities have an estimated price tag of around $40 million. The contract is for a period of three years and may be extended depending on the results obtained.
Glencore is already present in Cameroon and has been carrying out activities on the Matanda Exploration Block in the Douala/Kribi-Campo Basin.