(Business in Cameroon) - The Managing Director of Cameroon’s national oil company (SNH), Adolphe Moudiki, and, Nicolas Serre, that of Perenco's local subsidiary, signed February 21 in Yaoundé a Production Sharing Agreement for oil exploration in the Bomana block. The field covers 22.75 km² in the Rio del Rey basin, in a maritime zone.

Under the contract, the oil giant has committed to carry out research activities on the Bomana block for a first firm period of three years.

SNH informed the minimum work program includes conducting geoscientific studies, reprocessing 3D seismic data over the entire block, and drilling an exploration well.

The minimum amount Perenco committed for this research program is $12.5 million (about XAF7.2 billion). Depending on the findings of Phase I of exploration, Perenco will be entitled to two renewals of its exclusive research authorization each time an exploration well drilling is planned.

The financial commitment for the three periods, with a maximum duration of seven years, is $36.5 million (nearly XAF21.1 billion).

Sylvain Andzongo