PERENCO Cameroon to launch exploration in Moabi Block

jack  Glyn Lowe PhotoworksTerms of the production sharing contract require PERENCO to realise a work programme on the land for a period of three years initially. (Image source: Glyn Lowe Photowork/Flickr)

Cameroon has engaged PERENCO Cameroon to carry out oil exploration on the Moabi block situated offshore in the Rio Del Rey basin, which covers a total surface area of 137.13 sq km

This follows a production sharing contract signed at the headquarters of the National Hydrocarbons Corporation (NHC) in Yaounde at a recently held ceremony chaired by the minister of mines, industries and technological development, Emmanuel Bonde.

The terms of the production sharing contract specify that PERENCO will realise a work programme on the land for a first period of three years. This will comprise in the reprocessing and interpretation of existing 3G seismic data and the drilling of two wells to a minimum depth of 1,100 metres with an investment estimated at US$35mn.

The contract also holds that the programme could be extended to two other additional periods of two years, each depending on the results of the first period. The drilling of one exploration well each will be previewed to a minimum depth of 1,100 metres during the extension. The total minimum investment for the three periods totalling seven years has been estimated at US$65mn.

It was revealed during the contract signing ceremony that the negotiations which resulted in the signature of the contract were undertaken for Cameroon by a team of experts comprising representatives of the Ministries of Mines, Industry and Technological Development, Finance, Trade, Environment and Sustainable Development, Energy and Water Resources, Economy, Planning and Regional Development as well as the National Hydrocarbons Corporation while the general manager of PERENCO led a delegation of the group’s experts.

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