Cameroon, Total Sign Oil Exploration Deal for Southwest Region
YAOUNDE, Cameroon (Dow Jones Newswires), Jul. 15, 2009
Total-E&P Cameroon and the government-run National Hydrocarbons Corp., or SNH, signed a deal Tuesday permitting oil exploration in the West African nation's south-western locality of Rio del Ray, SNH said.
The agreement authorizes Total-E&P to explore for oil and gas within the 83 square kilometer Longahe block "for two years, renewable once, for an estimated cost of $10 million."
"The block is confirmed to have commercial hydrocarbons," said the statement signed by SNH Administrative General Manager Adolphe Moudiki.
It further stated that if oil is found the consortium will enter production for 20 years, with the possibility of a 10-year extension.
Total E&P, which accounts for 60% of Cameroon's oil output of 80,000-85,000 barrels a day, will invest 75% at the start of the project, while Cameroon, through SNH, will be responsible for the remainder.
Total E&P is a unit of French oil major Total SA.
Copyright (c) 2009 Dow Jones & Company, Inc.
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