LONDON (Alliance News) - Cameroon-based Victoria Oil & Gas PLC said Thursday it saw increased gas sales in the fourth quarter of 2018, however average production for the year fell.
For 2018, Victoria's average gas production stood at 3.75 million standard cubic feet per day, down 66% from a record 10.98 million in 2017.
For the fourth quarter, however, average gas production increased to 4.45 million standard cubic feet per day from 3.72 million in the third quarter.
Gross gas sales for the year dropped by 62% to 1.41 billion cubic feet from 3.68 billion in 2017. Sales for the fourth quarter rose by 14% to 403.8 million standard cubic feet from 355.6 million.
For the fourth quarter, thermal power consumption for 2018 increased by 5% from 2017 due to the addition of three new customers and two reconnections, while industrial power consumption rose by 12% with three new customers.
Looking ahead, Victoria intends to diversify its customer base to reduce dependence on a single customer, despite the resuming of the gas supply to the 30 megawatts Logbaba station in December, after ENEO Cameroon SA cancelled the contract in January 2018.
The company will seek to accomplish this by increasing Thermal consumption, accelerate its gas to power programme for Industrial Power customers and examine potential rural energy needs, by using compressed natural gas as a key fuel.
Shares in Victoria Oil & Gas were down 5.3% at 17.62 pence on Thursday.
Victoria (VCP)