Africa News Oil: Perenco and Cameroon sign a contract

Oil: Perenco and Cameroon sign a contract

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The Franco-British operator and the National Hydrocarbons Company (SNH) of Cameroon signed, Thursday in Yaounde, a contract of sharing of
production (CPP) for oil research in the block called "Bomana", located in the offshore basin of Rio del Rey.

According to authorized sources, Perenco, for an estimated minimum cost of $ 12.5 million, has committed to conducting research activities on
the maritime zone for a first firm period of 3 years through the realization of geoscience studies, the reprocessing of 3D seismic data
over the entire block as well as drilling an exploration well.

Based on the results obtained during this first phase of exploration, the operator will be able to claim two renewals of its exclusive research authorization for two additional periods of 2 years each, during which it is planned each time the drilling of one then exploration.

Bomana is the 23rd CPP signed by the country in the context of the application of the law on the Petroleum Code. As for Perenco, present in Cameroon
since 1993 he is currently the country's largest oil and natural gas operator with a daily output of around 85,000 barrels
oil equivalent.

According to SNH data, the coastal basin producing Rio del Rey, which covers an area of about 7000 square kilometers has, in 2017, provided
nearly 96.51% of the national production of crude oil from about sixty fields.

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