(Business in Cameroon) - Woodside Petroleum Ltd, the Australian exploration and production company, is now a part of the Tilapia production sharing contract in offshore mining in Cameroon. On October 14, 2014, it announced the finalisation of this farm-out agreement with Noble Energy and Glencore to take a 30% non-operator stake in the contract.
Following this agreement, which is still awaiting approval from the Cameroonian government, the Texan exploration and production company, Noble Energy, will continue to be an operator with a 46.67% stake, compared to 23.33% for the Swiss mining and trading company, Glencore.
“The farm-out agreement consolidates our position in the region and broadens our relations with Noble, a company that is experienced and invaluable,” stated Peter Coleman, CEO of Woodside, a leading Australian oil and gas company already present in Gabon, Tanzania and Morocco. The Douala Basin represents, he stressed, “an exciting opportunity with proven prospecting potential.”
The joint venture aims to drill the Cheetah exploration well on the Tilapia block which covers 3,875 km2 in the Douala basin located at a depth of 1,100 m in South-West Cameroon.