Perenco S.A. Chairman and the Executive General Manager of the National Hydrocarbons Corporation (NHC), Mister Adolphe Moudiki, have signed, on 11 March 2010 in Yaounde, a Production Sharing Contract for oil exploration in the Elombo block (former Ebodje permit) situated offshore in the Douala/Kribi-Campo basin, with a surface area of 2405 km/sq.
The ceremony was presided over by Mister Badel Ndanga Ndinga, Minister of Industry, Mines and Technological Development.
The negotiations which led to the signing of this Contract were conducted, for the Cameroon Party, by a Team of Experts including representatives of the Ministry of Industry, Mines and Technological Development; the Ministry of Finance; the Ministry of Trade; the Ministry of Environment and Nature Protection and the National Hydrocarbons Corporation; and for Perenco Cameroon, by a delegation headed by Denis Clerc-Renaud, its General Manager.
Under this Contract, Perenco Cameroon commits to carry out exploration activities on this zone for an initial period of three (03) years. The minimum work programme includes the acquisition, processing and interpretation of 300 km/sq of 3D seismic and drilling of an exploration well to a minimum depth of 2000 meters or 200m penetration in the Mundeck Formation. The investment corresponding to this programme is 20 million US dollars.
Depending on the results obtained in the first period, this Programme could be extended by two additional periods of two years during each of which the drilling of an additional exploration well is envisaged to a minimum depth of 2000 meters. The minimum investment over the three (03) periods totalling seven (07) years is fifty (50) million US dollars.
This is the sixteenth contract to be signed as part of implementation of Law n° 99/013 of 22 December 1999 to institute the Petroleum Code.