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Cameroon: Victoria Oil & Gas reported output and sales increase in Q4 2018

Cameroon: Victoria Oil & Gas reported output and sales increase in Q4 2018
  • Comments   -   Friday, 18 January 2019 16:31

(Business in Cameroon) - Victoria Oil & Gas announced January 17 that it increased natural gas sales by 14% during the fourth quarter last year to 403.8 million cubic feet from 355.6 million standard cubic feet the previous quarter.

This good performance was motivated by an increased average production to 4.45 million standard cubic feet per day from 3.72 million in Q3 2018. Meanwhile thermal consumption increased by 5% year-on-year (compared to Q4 2017) with addition of three new customers and two reconnections. Industrial power consumption increased by 12% with addition of three new customers.

This sales level was achieved while over the year as a whole, average production decreased by 66% to 3.75 million standard cubic feet per day compared to 2017. The reason was the suspension of deliveries to the electricity producer Eneo, VOG's main customer.

In the long term, Victoria intends to diversify its customer base in order to reduce its dependence on Eneo, with whom it resumed deal at the end of December.

Olivier de Souza

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