See also:
» 18.11.2009 - Nigerian fishermen flee Bakassi Peninsula
» 11.05.2009 - Cameroon signs over $13.5 million microfinance development deal with IFAD
» 04.09.2008 - Women's health crucial for development
» 27.08.2008 - Cameroon oil discovery impressive
» 24.04.2008 - Critic musicians still detained
» 08.04.2008 - Surge in prices worries UN
» 01.04.2008 - Cameroon combats graft
» 04.03.2008 - Cameroon media faces crisis











China wholesale online through DHgate.com


Houlihan's coupons


Finn autentiske matoppskrifter fra hele verden på Verdensmat.no:
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares


Autentiske matoppskrifter fra hele verden finner du på Verdensmat.no:
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike


Cameroon
Economy - Development | Politics

Cameroon contracts oil deal

afrol News, 3 April - Cameroonian government has contracted Addax Petroleum for the exploration of its Iroko exploration license area.

An agreement signed by both parties on Thursday empowered the Canadian oil and exploration company to acquire a 100% interest in the licensed area and serve as operator.

Cameroon's national oil company, Société Nationale des Hydrocarbures holds a back-in right of 30% in case of a development.

The Iroko license area, which covers an area of 15.75 square km [3,890 acres], lies about 30 km offshore Cameroon where the water depth is approximately 40 metres. There are no wells drilled on Iroko at the moment, although there is oil production nearby from the Pecten (Shell)-operated Mokoko-Abana field complex.

"I am delighted that Addax Petroleum has been awarded this promising exploration acreage by the Republic of Cameroon, situated in the prolific Rio del Rey Basin where the overwhelming majority of Cameroon's production is located," says Jean Claude Gandur, the President and Chief Executive Officer of Addax Petroleum.

"We are excited by our exploration potential offshore Cameroon which we believe can deliver near-term value for our shareholders and the country," he said.

"We are presently drilling our first exploration wells on the Ngosso license area and later in 2008 we plan to drill on Iroko."

In consideration for its interest in Iroko, Addax is obligated to pay a signature bonus of US $ 3 million and undertake within the first three years a minimum work program valued at US $17.5, which includes the acquisition of 3D seismic data and the drilling of one well.


- Create an e-mail alert for Cameroon news
- Create an e-mail alert for Economy - Development news
- Create an e-mail alert for Politics news


 
    Printable version


On the Afrol News front page now

Rwanda
Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Guinea
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.



front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at mail@afrol.com