Perenco secures further permit offshore Cameroon

Perenco has been awarded an oil exploration permit for the offshore Elombo block in Cameroon’s Douala/Kribi-Camp basin.

Offshore staff


YAOUNDE -- Perenco has been awarded an oil exploration permit for the offshore Elombo block in Cameroon’s Douala/Kribi-Camp basin. The production-sharing contract covers an area of 2,405 sq km (928 sq mi).

Under the initial three-year agreement, signed with Cameroon’s National Hydrocarbons Corp., Perenco will acquire, process, and interpret 300 sq km (116 sq mi) of 3D seismic. The $20 million work program will also include drilling one exploration well to a minimum depth of 2,000 m (6,562 ft) or to 200 m (656 ft) penetration in the Mundeck formation.

Depending on the results of this first period, the program could be extended by two additional terms of two years, with a further exploratory well during each extension to a minimum depth of 2,000 m (6,562 ft). Over all three periods, the total anticipated outlay will be $50 million.

Perenco currently operates four other concessions in Cameroon, producing a total of 7,919 b/d, equivalent to over 11% of the country’s production.

3/16/2010

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