A presidential decree signed on February 6, 2015 grants “exclusive rights to hydrocarbon gas mining” on a 460.5 km2 stretch of Etindé, off the coast of Cameroon, to the British company, New Age, through its local subsidiary, Camop (Cameroon Offshore Petroleum Ltd.). The British company is partnered with the Russian company, Lukoil, on the project. Each company has a 30% stake, while Cameroon companies Euroil and Société nationale des hydrocarbures (SNH) each has a 20% stake in the project.
This exclusivity is “valid for a period of 20 years and may be renewed only once for a period of 10 years, at the request of the interested party.”
The presidential decree stipulates that exclusivity also relies on the completion of “the construction of a chemical fertiliser factory to be supplied with natural gas for at least 20 years and natural gas liquefaction with a production plateau of 600 million cubic feet per day.
Went to a very interesting lecture last night on oil/gas industry. He reckoned major global shortfall within 10 years and that Gas was the fuel of the future. BP and Shell both becoming Gas companies. For fuel efficiency and lower CO2 emissions Gas is the way to go.
So, all we long-suffering PIs have to do is wait a few more years and let NA and Luke make our 20% of Etinde into a world class asset.
Our lot sure can't. Looking forward to the AGM (usually mid December). Humble pie and canapes will be served.
YES , where will we be in 12 months . 6 months now and counting for BEAA. Judging by MR KH video, its all down to BONOMO to start with and then ETINDE but when mr Hart when . That video was the result of PI,s putting pressure on the BOD and long may that continue but spending $80 million over 18 months with a CEO that hasn't cut costs tells me he,s not the right CEO to look after the remaining $100 million . Etinde with PETROFAC would have made this company but dealing with Cameroon gov excessive delays along with poor management scuppered that . Etinde is down to NA and Lukoil the bigger companies that do business in CAMEROON !!!! We can't and as a result have spent best part of 600 million dollars with no oil or gas to show for that money. Does LUKOIL need too or want to develop Etinde in 2017 or are they happy too develop the field at a later date . I hope we see real progress very soon and a boost in the SP so i can cut and run . VOG are struggling and they have revenue , the market values BLVN at LESS than cash in the bank and VOG SP is poor with all there assets and investment [ new pipeline etc] , we have well paid CEO and BOD who should have sold the whole company to LUKOIL and NA . Are we XEL with money or will we finally make some money by developing our zero assets
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