Victoria Oil and Gas announces publication of gas market study

Africa Oil  Gas StudyVOG has a huge advantage to capitalise on industrial opportunities in the Douala market, according to an independent study carried out. (Image source: Victoria Oil and Gas)Victoria Oil and Gas (VOG) has announced the release of a Gas Market Study (GMS) compiled by petroleum advisory and consultancy group, Challenge

The oil and gas exploration and production company revealed that the study showed huge potential for finding natural gas in the Douala region.

"This market study, conducted by a leading advisory and consultancy group, underpins our belief in the tremendous opportunity for natural gas in Douala and we look forward to building out our crucial energy capacity to the region," said VOG chairman, Kevin Foo.

Highlights of the study showed a robust local demand for natural gas and on-site power generation supported expectation for increased annual sales represented by a compound annualised growth rate (CAGR) of over 100 per cent over the period 2012 to 2017.

The study also confirmed that the company has a huge advantage to capitalise on industrial opportunities in the Douala market.

Confirmation of clear economic drivers, combined with proven gas supply in sub-Saharan African countries, strongly endorsed VOG's business strategy, the company said.

VOG assigned the GMS to evaluate the existing and potential market for natural gas in the industrial city of Douala in Cameroon with a central focus on the market for thermal and power generation, assessing supply and demand variables.

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