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15 would do lol
In December 2015 Glencore assigned 15% of its PI in the Matanda Block to AFEX, increasing AFEX’s PI to 25%, and in February 2016 assigned its remaining 75% PI and the operatorship to VOG through its 100% owned subsidiary, Gaz Du Cameroun Matanda S.A. (GDC Matanda). VOG is a gas utility company that aside from its interest in the Matanda Block, has a 60% PI and the operatorship, via its 100% wholly owned subsidiary Gaz du Cameroun S.A. (GDC), of the Logbaba Block (Logbaba) which borders the Matanda Block and from which it supplies cost effective, clean and reliable natural gas to industries in the Douala region via a 33 kilometre pipeline network built by GDC. The existing Logbaba gas network infrastructure will allow for fast-track development of any new discoveries made on the Matanda Block to deliver additional natural gas to local industrial users in Cameroon.
GDC Matanda and AFEX have submitted a new work programme for the Matanda Block to the Government of Cameroon for approval and expects to commence its first phase of seismic data acquisition in Q4 2016. The assignment of the PSC complements VOG’s current development activity at Logbaba, including the previously announced new drilling programme of one twin and one-step out well scheduled for 2016, by securing a significant additional resource base.
The Cameroon energy market
Cameroon continues to evolve as a key African economy with the industrial port of Douala an important import and export gateway for goods to most of Central and West Africa. Power deficits remain a major hindrance to Cameroon’s economic expansion, with demand increasing 7% annually. Expansion of power generation and distribution remains high on the political agenda and gas, as a fuel source, is seen as a fundamental element of the national energy strategy. Grid power is heavily reliant on seasonal hydroelectric dams to supply 75% of demand and the shortfall is made up from gas and heavy fuel oil. The Logbaba gas and condensate project is a rare example of successful onshore gas monetisation in Sub-Saharan Africa, with energy provision aligned with the national interests. GDC, with the full support of the Government of Cameroon has successfully unlocked natural gas for industrial use. GDC estimates demand for gas in the Douala and Yaoundé area for thermal and power generation to be in excess of 150mmscf/d. GDC is focused on growing production to help meet this demand and to displace heavy fuel oil by providing a cleaner and more reliable energy source.