Petroleum Africa
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Wednesday, October 24, 2018
Victoria Oil & Gas (VOG) updated its operations in Cameroon including its production, distribution, and grid power activities. The government of Cameroon, ENEO Cameroon, Altaaqa Global, the genset providers to ENEO which consume VOG subsidiary’s Gaz du Cameroun’s (GDC) gas, and GDC continue negotiations to end the suspension of sales to the ENEO-owned Logbaba and Bassa power stations in Douala. GDC remains confident that a solution with ENEO will be found, but a resolution has been further delayed because of the recent presidential elections in Cameroon.
During the quarter, GDC increased consumption through the commissioning of two new thermal customers, in addition to the resumption of two former thermal customers who had not consumed since August 2017. The company also connected an existing thermal customer for industrial power during the quarter and post quarter end has commissioned their generator. Peak consumption during the quarter was 4.98 Mmscf/d and average gas sales through week ending October 19 were 4.6 mmscf/d with a peak of 5.6 Mmscf/d.
Overall, gross gas sales have increased 11% since Q2 to 356 Mmscf or an average of 3.72 Mmscf/d for the quarter and are expected by the Board to grow to 5 Mmscf/d by year end.
Regarding the company’s acreage in Cameroon, VOG said that negotiations have commenced to secure the remaining 44 sq km of the license of the Logbaba area. At the Matanda PSC the company said that the PSC amendments necessary to complete the assignment of the Matanda PSC to VOG have been agreed to with National Hydrocarbons Corporation, Cameroon (SNH). The company is waiting for the Presidential Decree, which is expected to be issued shortly.
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