Business News of Friday, 4 November 2016Source: businessincameroon.comVictoria Oil & Gas begins Logbaba gas field drillingLogbaba gas field drilling takes offThe British oil and gas operator Victoria Oil & Gas (VOG), which is developing the Logbaba gas field in Cameroon, through its subsidiary Gaz du Cameroun (GDC), has awarded the drilling work of two wells in development in this project to Savannah Oil Services, we learn from reliable sources. The drilling of two wells, which are adjacent to the Logbaba natural gas treatment unit, and which will be connected to this plant once the work is completed, will cost around $ 40 million (FCfa 23.6 billion), we learn. According to the British operator, the work is financed by “revenues from Logbaba and contributions from partners”, of which RSM Production Corporation, which holds 40% share in this project. However one notes that the revenues of VOG from the Logbaba field have greatly decreased in the 3rd quarter of 2016, since they amount to 4.7 million dollars, against 10.7 million dollars in the same period in 2015. This situation can explain the delay in the effective start of drilling work announced months ago.

Source: CameroonWeb November 04, 2016 05:54 UTC