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Wednesday, April 22, 2015
Victoria Oil & Gas’ wholly owned subsidiary, Gaz du Cameroun (GDC), saw its production rates feeding the Bassa power station rise to 9.4 Mmscf/d on a seven-day average basis. This production rate marks a 114% increase from the beginning of 2015 on a seven-day weekly average basis.
The Bassa Power station is supplied with gas under an agreement signed with ENEO Cameroon, a company partly owned and operated by UK-based Actis and the state power company in Cameroon. GDC is responsible for supplying gas to both the Bassa and Logbaba power stations, where electricity is generated from gas-fired electricity generation sets (gensets).
Under the terms signed with ENEO, minimum take or pay elements come on-line guaranteeing fixed levels of revenue for the company, once 20MW of power is made available at Bassa and 50MW of power is made available at both Bassa and Logbaba power stations. A maximum combined power generation of approximately 5MW equates to 10.1 Mmscf/d of gas with the minimum take-or-pay terms requiring payment for 90% of this during the dry season and 30% in the wet season, at a fixed price of $9/mmbtu. Take-or-pay obligations have been satisfied at the Bassa Power Station, following consistent generation of 20MW of power.
The completion of the Logbaba power station has now entered its final phase, with all remaining Gensets released from customs and being installed by Altaaqa. The installation is expected to be completed soon and Logbaba will thereafter meet its 30MW supply target (6.06 Mmscf/d).
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