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Wednesday, January 17, 2018
Cameroon’s state-run oil and gas firm, SNH, revealed that Glencore sold 50% of its stake in the Bolongo Block to Perenco. Perenco takes on 50% of Glencore’s rights and obligations as well as the role of operator.
According to SNH, the transfer of rights is part of the Oak field development and production project. The goal is to increase domestic oil production by 10,000 bpd in 2018.
The Oak field was discovered in May of 2012 with the drilling of the Oak exploration well. The well was drilled to a total depth of 1,515 meters and encountered 13.7 meters of hydrocarbons in the main reservoir, including 6.2 meters net oil. According to the SNH, this revealed “a very good flow, as well as a good quality of oil and tank.”
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