Petroleum Africa
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Friday, May 29, 2015
Victoria Oil & Gas’ (VOG) subsidiary in Cameroon, Gaz du Cameroun (GDC) has purchased the Logbaba gas processing plant, making payment in full to Expro Worldwide.
GDC paid Expro $2.578 million, using cash generated from its operations. The VOG Board believes that this purchase will deliver significant cost savings. GDC is evaluating proposals for a long term contract for the operation and maintenance of the plant with specialist service companies, including Expro.
The plant currently processes gas extracted from GDC wells, producing condensate which is sold to a local refinery and clean natural gas which is distributed to customers through the 33 km pipeline network in Douala.
Kevin Foo, Executive Chairman of GDC, said: “The purchase of the Logbaba plant is a key milestone for GDC, bringing with it significant cost savings which will enable us to continue to grow the business and increase shareholder value. We are now evaluating options for the plant expansion and look forward to providing an update in due course.”
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