Glencore Cameroon Sells 50% of Bolongo Block Stake to Perenco Cameroon -SNH
January 17 2018 - 5:20AM
Dow Jones News
By Emmanuel Tumanjong
Special to Dow Jones Newswires
YAOUNDE, Cameroon--Glencore Exploration Cameroon Ltd. has sold
50% of its stake in the Bolongo block in the Rio del Rey basin to
Perenco Cameroon SA, Cameroon's national oil-and-gas company has
said.
Under the deal, private company Perenco will own the rights to
develop and produce oil in the block's Oak well, the state-run
National Hydrocarbons Corporation, or SNH, said in statement
Tuesday.
Glencore Cameroon is the local unit of Switzerland-based
multinational trader and miner Glencore PLC (GLNCY).
SNH said the move is aimed at increasing the country's daily
crude oil output to 10,000 barrels this year.
The Oak well has been under exploration since the middle of 2012
and has reached a depth of 1,515 meters, SNH said. Petroleum height
stands at 13.7 meters, 6.2 meters of which is crude oil.
In 2009, Glencore Exploration Cameroon and SNH signed a
three-year, $13 million deal to explore the block.
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(END) Dow Jones Newswires
January 17, 2018 05:05 ET (10:05 GMT)
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