logoBC
Yaoundé - 21 April 2021 -
Mining

Cameroon: MINMIDT extends GDC’s exploration license on Matanda block by an additional 1-year

Cameroon: MINMIDT extends GDC’s exploration license on Matanda block by an additional 1-year
  • Comments   -   Wednesday, 25 November 2020 12:57

(Business in Cameroon) - The Ministry of Mines, Industry and Technological Development recently extended Gaz Du Cameroon's (GDC) exploration license on the Matanda block by an additional one-year. This new extension will take effect on December 17, 2020. In accordance with Cameroonian substantive law, this authorization will be confirmed in the coming weeks by a presidential decree.

It should be recalled that the Matanda block is adjacent to the Logbaba production area. It thus offers an easy monetization path for its gas potential which, in July 2020, rose to 1,196 billion cubic feet of risk-free gross prospective resources, compared to the initial estimate of 903 billion cubic feet.

This increase is the result of a detailed internal outlook assessment, which identified 19 gas prospects in shallower Tertiary reservoirs in addition to seven prospects in deeper Cretaceous reservoirs.

It should also be noted that during the first phase of exploration that began in 2018, GDC conducted an Environmental and Social Impact Assessment (ESIA), which is expected to be completed in Q1-2020. This will ensure that all aspects of environmental and social risks have been assessed and the necessary precautions taken. A work program will be kicked off next year and includes the drilling of an exploration well but the company will soon finalize the ranking of the main onshore prospects.

With a surface area of 1,235 km2, the Matanda Block is 75% operated by GDC (a subsidiary of Victoria Oil and Gas) and 25% by Afex Global Limited. According to the production sharing agreement, the Cameroonian public hydrocarbon corporation (SNH) has a 25% right of return once an exploitation license is granted.

Olivier de Souza

minddevel-expresses-concerns-over-the-management-of-garbage-removal-tax-proceeds
Minister of Decentralization and Local Development, Georges Elanga Obam (photo) recently expressed his concerns over the management of the...
cameroon-loses-40-to-50-of-its-cocoa-seedlings-to-climate-change-every-year-sodecao
Cameroon loses 40 to 50% of its cocoa seedlings in nursery plants every year because of climate change due to which dry seasons are increasingly longer....
cemac-towards-the-creation-of-a-regional-credit-information-bureau
On April 20, the Bank of Central African States (Beac) issued a pre-qualification notice for the selection of a technical and strategic partner to...
china-is-the-main-destination-for-cameroon-s-cotton-sodecoton
During the 2020-2021 cotton season, which will be concluded in the next few days, Cameroon Cotton Development Corporation (SODECOTON) is expected to...

Mags frontpage


Business in Cameroon n98: March 2021

State personnel Time for a slimming diet


More support to boost the Cameroonian industry’s competitiveness


Investir au Cameroun n108: Mars 2021

Personnel de l’Etat Un régime minceur s’impose


Un soutien à la compétitivité de l’industrie camerounaise