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    Victoria reports higher Cameroonian gas liftings

Summary

Gas sales from Victoria's Logbaba gas and condensate project in Cameroon rose 2% on the quarter.

by: Callum Cyrus

Posted in:

NGW Interview, Natural Gas & LNG News, Africa, News By Country, Cameroon

Victoria reports higher Cameroonian gas liftings

Gas sales from Cameroonian onshore operations operated by Victoria Oil & Gas rose during the second quarter, according to an operational update issued by the London-listed independent July 22.

Victoria Oil & Gas owns a 57% equity stake in the Logbaba gas and condensate project through its subsidiary Gaz Du Cameroun (GDC).  The field is situated in Cameroon's onshore C38 exploitation licence, within easy reaching distance of Cameroon's largest city Douala, which sits on an estuary of the Atlantic Ocean.

Gas sales from the Logbaba licence rose 2% quarter/quarter in March - June , hitting 5.6mn ft3/d. Victoria also sold gross condensate volumes amounting to 4,291 barrels, over the whole three month period, which was down marginally from 4,691 barrels in Q1 2021.

Logbaba was discovered almost seventy years ago. During the first quarter, the project produced around 8mn ft3/d of natural gas. It mainly supplies Douala's industrial district via a 51-km pipeline, meeting municipal energy needs including district heat generation, according to WoodMackenzie.

Gas reserves at Logbaba have depleted over the years, and Victoria is now down to the last 17bn ft3 of proved 1P gas in gross terms. An earlier plan to tap undrilled areas of the field to expand the reserve base appears to have been dropped.

Victoria's growth plans in Cameroon have now pivoted to the exploration phase at its Matanda concession.  GDC owns a 75% operated stake in the area, with its partner Afex Global holding 25% interest. A 25% back-in right is held by Cameroon's Societe Nationale Des Hydrocarbures, allowing the state oil company to buy in if the concession is converted into an exploration licence.

Victoria has selected a 1,700 HP drilling rig for Matanda's exploration programme, with talks now entering the contract negotiations stage, it said. The company is also marketing a farm-out agreement at Matanda to cover some of its costs.

Matanda encompasses offshore and onshore acreage. The onshore section holds an estimated 1.2bn ft3 of mean prospective gas resources, while the offshore share has a 2C contingent resource potential of 163bn ft3, though this decreases to 43bn ft3 in a conservative 1C drilling scenario.