(Business in Cameroon) - In the February 6, 2015 presidential decree granting natural gas exclusivity on a 460.5 km stretch of the Etindé authorised mining area, located offshore, the State requires that the British company New Age, which received the approval to participate in the professional training of Cameroonians in the area of oil and gas.
For the 20 years of the approval’s validity, New Age and its partners, Euroil and Lukoil, respectively based in Cameroon and Russia, will invest 150,000 USD per annum in “professional training in the area of oil and gas for Cameroonian nationals holding any qualifications outside of this sphere.” For a period of 20 years, this will amount to one billion FCFA.