(WO) – Perenco in Cameroon announced the signing of a new Production Sharing Contract for the continued development of the Rio del Rey basin offshore Cameroon. Valid for 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 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 onstream over 45 years ago.
Commenting on today’s announcement Armel Simondin, CEO of Perenco Rio del Rey, said, “This new contract creates a solid foundation on which we will be able to build an ambitious program of modernizing our facilities, reducing emissions, exploring the area, seizing new opportunities, developing satellite projects and supporting the country in meeting its future energy challenges.”
Source: www.worldoil.com
Author: World Oil Staff