Cameroon is has renewed her resilient effort to up the country hydrocarbon reserves through further corroboration an Independent Anglo-French oil and gas company Perenco.  The company has revealed that it has signed a new Production Sharing Contract in continuation of the company’s investment commitment in the Rio del Rey basin offshore Cameroon. Perenco has maintained average production of 35,000 bopd

With Valid period of 20 years, the contract with Société Nationale des Hydrocarbures (SNH) presents the opportunity for Perenco to continue its investment in the basin, which today accounts for approximately 70% of Cameroon’s total production and employs more than 500 people.

Since acquiring the Rio del Rey basin over a decade ago, Perenco has maintained average production of 35,000 barrels of oil per day (bopd), with peak production reaching 65,000 bopd in 2016. This has been achieved through the team redeveloping existing infrastructure and using its technical expertise in stabilizing and sustaining production from the basin, which first came on-stream over 45 years ago.

 “This new contract creates a solid foundation on which we will be able to build an ambitious programme of modernising our facilities, reducing emissions, exploring the area, seizing new opportunities, developing satellite projects and supporting the country in meeting its future energy challenges,” Armel Simondin, CEO of Perenco Rio del Rey, said.

 With Cameroon seeking to ramp up the production, monetization and exploitation of its 4.8 trillion cubic feet of natural gas and 200 million barrels of crude oil reserves to boost energy access locally and across the region while supporting its economic expansion, the extension of the Production Sharing Contract for the Rio del Rey basin by Perenco and SNH is a game changer.

“For the past 45 years, the basin has shaped Cameroon’s energy market growth, GDP resilience and the country’s position on the global energy market. We believe the milestone will unlock the full potential of the basin in shaping global energy security, and just and inclusive energy transition for both Cameroon and Africa. We commend Perenco’s commitment in positioning itself as a reliable partner helping Cameroon and Africa address pressing energy issues by maximizing both mature and marginal hydrocarbon fields,”  NJ Ayuk, the Executive Chairman of the Africa Energy Chamber said.