The government of Cameroon and Perenco signed the Production Sharing Contract at the head office of the National Hydrocarbons Corporation on February 21, 2019.
Exploration is expected to begin on Bomana block in the Rio del Rey basin, in the maritime zone, any moment from now. The government of Cameroon and Perenco Rio del Rey signed the Production Sharing Contract at the head office of the National Hydrocarbons Corporation in Yaounde yesterday February 21, 2019.
Cameroon’s Minister of Mines, Industry and Technological Development, Gabriel Dodo Ndoke and the Executive General Manager of the National Hydrocarbons Corporation, Adolphe Moudiki, signed for Cameroon while Nicolas Serre, General Manager of Perenco, penned for his company.
Going by the terms of the contract, Perenco undertakes to carry out exploration acti vities on the Bomana block for a firm initial period of three years. The minimum work programme, according to a release that sanctioned the contract signing ceremony, “includes geoscientific studies, reprocessing of 3D seismic data over the entire block and drilling of an exploration well.” The minimum financial commitment made by Perenco for this exploration programme, Cameroon Tribune learnt, is 12.5 million US dollars.
The contract also stipulates that “depending on the results obtained during the first phase of the exploration, the company will be entitled to two renewals of its Exclusive Exploration Authorisation for two additional periods of two years each, during which it is planned, for each of the periods, the drilling of one exploration well.” The financial commitment for the three periods, with a maximum duration of seven years, is 36.5 million US dollars. Information indicates that the Bomana block, covering a sur face area of 222.75 km2, has an accumulated oil and gas potentials estimated at 68.1 million barrels of oil; encountered notably during previous works carried out on the area.
Previous works conducted on the block included the acquisition, processing and interpretation of 507.76 km of 2D seismic data (acquired in 1975, 1976 and 1986 by Elf Serepca) and 94 km2 of 3D seismic data (acquired in 2006 still by Elf Serepca.) There was also the drilling of eight exploration wells between 1978 and 2012, with minor discoveries, namely Bomana Nord Marine-1, Kangue Marine-1, Idenao Marine-1,2,3 and 4, Obanekan Est Marine-1 and Bomana Sud Marine-1. The contract now linking the government of Cameroon and Perenco holds that each activity that will be carried out in course of the exploration activities will be subjected to prior environmental and social impact assessments in accordance with the legislation in force.
The Bomana contract, it was revealed during the signing ceremony, is the 23rd contract signed within the framework of 1999 law instituting the Petroleum Code in Cameroon. Perenco, a subsidiary of an independent Franco-British group, has been in Cameroon since 1993 and is currently the country’s largest producer of oil and natural gas, with a daily production of approximately 85,000 barrels of oil equivalent.
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