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Yaoundé - 22 July 2017 -
Hydrocarbons

Cameroon: SNH now owns 5% in Logbaba gas project, alongside British Victoria Oil & Gas

Cameroon: SNH now owns 5% in Logbaba gas project, alongside British Victoria Oil & Gas
  • Comments   -   Wednesday, 05 July 2017 08:53

 “(Business in Cameroon) - I am pleased that we can now formally share our success story in the energy sector at a commercial level with the government of Cameroon”. These were the words spoken by Ahmet Dik to Proactive Investors, a British financial information platform.

The MD of Victoria Oil & Gas (VOG), a British oil and gas operator who until now fully owned Gaz du Cameroon (GDC), a company exploiting the Logbaba gas field, thus commented on the alliance VOG recently signed with Société Nationale des Hydrocarbures (SNH).

Through this share agreement, the public company, serving as the extension of the Cameroonian State in the oil and gas sector, now owns a 5% shareholding in this project through which natural gas is supplied to about twenty companies in the city of Douala, the Cameroonian economic capital.

In practical terms, reveals Proactive Investors, “the agreement stipulates that SNH is now the beneficiary of 5% of revenues resulting from the sale of hydrocarbons of Logbaba, and should also now cover 5% of the operating expenses”.

BRM

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