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Victoria Oil & Gas Signs Agreements, Looks to Ramp Up Gas Production in Cameroon

Victoria Oil & Gas Signs Agreements, Looks to Ramp Up Gas Production in Cameroon

From Proactive Investors

Victoria Oil & Gas unveiled three new gas agreements for its local subsidiary in Cameroon’s second city of Douala as it said it had received a first installment of payments from partner RSM Production.

The US$4.1mln ‘cash call’ forms part of a settlement to a long-running dispute over ownership of Logbaba, VOG’s producing gas field on the outskirts of Douala.

However, the meat of Wednesday’s news was the continuing success of linking local business to its gas supply network.

Underlining progress was collaboration with local electricity utility AES-Sonel to wean the latter off heavy fuel.

Chairman Kevin Foo said: “Supplying the major domestic electricity utility with gas to drive their oil fired generators will be a big step forward for us.

Read more at Proactive Investors