- Perenco and SNH extending their production agreement in the Rio del Rey represent confidence in Cameroon’s Oil and Gas sector by a reputable international investor in a proven but under-explored oil basin.
- This is a big win for jobs, for industrialization and improving living conditions in Cameroon and fighting energy poverty.
Independent Anglo-French oil and gas company Perenco has signed a new 20-year Production Sharing Contract with Cameroonian National Oil and Gas Company Société Nationale des Hydrocarbures (SNH) for the continued development of the Rio del Rey basin offshore the West African country. With an average production of 35,000 barrels of oil per day, Rio del Rey is a crucial oil field driving Cameroon’s energy security and monetization for gross domestic product growth agenda, with the basin accounting for approximately 70% of the West African country’s total production.
Armel Simondin, CEO of Perenco Rio del Rey, said, “This new contract creates a solid foundation on which we will be able to build an ambitious program of modernizing our facilities, reducing emissions, exploring the area, seizing new opportunities, developing satellite projects and supporting the country in meeting its future energy challenges.” The African Energy Chamber (AEC), as the voice of the African energy sector, strongly commends and congratulates Perenco and SNH for reaching the milestone which will drive the country’s socioeconomic developments for decades to come.
NJ Ayuk, the Executive Chairman of the AEC, said, “Perenco and SNH extending their production agreement in the Rio del Rey represents confidence in Cameroon’s Oil and Gas sector by a reputable international investor in a proven but under-explored oil basin. This is a big win for jobs, for industrialization and improving living conditions in Cameroon and fighting energy poverty”.
AEW 2023, AEC’s annual event gathering African energy policymakers and companies with global investors to discuss the future of African energy, will be back bigger and better, featuring high-level panel discussions, deal signings and various forums aimed at driving the African Energy Renaissance, energy poverty eradication, environmental sustainability and private sector participation across the continent’s burgeoning energy sector.
Source: ZAWYA