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Victoria Oil & Gas-The Information & News Thread (VOG)
banjomick
- 07 Jan 2015 21:01
Victoria Oil & Gas Plc (Victoria) has become a significant domestic energy supplier in Africa through its wholly owned subsidiary: Gaz du Cameroun S. A. (GDC).
With operations located in the industrial port-city of Douala, Cameroon, customers are converting their operations to take natural gas supplied by our production wells and pipeline infrastructure.
GDC is the sole gas supplier in the area, providing a cheaper, more efficient, reliable, and cleaner energy alternative to Heavy Fuel Oil use.
Our teams of engineering advisors are on hand to help customer’s cost and implement the change to GDC’s energy products.
Victoria Oil & Gas is traded in the NEX Exchange HERE
Link-HISTORICAL NEWS,VIDEO/AUDIO & EVENTS
Link-Dedicated Posts for:
Gaz du Cameroun S.A. (“GDC”)
Gaz Du Cameroun Matanda S.A. ("GDC Matanda")
Link-Cameroon-Industrialisation Master Plan (PDI) & Africa Energy
NEWS
21st Jan 2019 Production Update
17th Jan 2019 Q4 2018 Operations Update
02nd Jan 2019 Presidential Decree on Matanda Received
24th Dec 2018 Renewal of Long-Term Gas Supply Contract with ENEO
28th Sep 2018 INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2018
17th Aug 2018 Q2 2018 Operations Update
22nd Jun 2018 Report and Accounts to 31 December 2017
14th Jun 2018 Restructure of the BGFI Debt Facility
04th Jun 2018 Notice of Annual General Meeting
04th June 2018 Logbaba Field Reserves Update
24th May 2018 Q1 2018 Operations and Outlook
16th Feb 2018 Q4 17 Operations Update & 2018 Outlook Replacement
05th Jan 2018 Gas Supply Contract with ENEO Not Extended
VIDEO/AUDIO
21st Jan 2019 Victoria Oil & Gas looks ahead to increased cash flow
24th Aug 2018 Victoria Oil & Gas confident of resolving ENEO contract 'within weeks'
22nd Apr 2018 Video from 21/04/2018 UK Investor Show
16th Feb 2018 Victoria Oil & Gas confident of positive outcome to ENEO issue
08th Nov 2017 Victoria Oil & Gas reports very pleasing initial results from La-108
31st Oct 2017 21 Oil and Gas - African Power Panel
30th Oct 2017 121 Oil & Gas Investment
26th Oct 2017 Victoria Oil & Gas raises US$23.5mln to accelerate new growth programme
26th Sep 2017 Victoria Oil & Gas to finalise long term supply contracts after first gas at LA-107
17th Aug 2017 Victoria Oil & Gas expecting La-107 to be a 'substantial' producer
16th Apr 2017 Video from 01/04/2017 UK Investor Show
13th Apr 2017 'It's been a terrific year and a great quarter', says Victoria Oil & Gas' Kevin Foo
06th Mar 2017 Farm-out deal 'a really good strategic move' for Victoria Oil & Gas, says chairman Kevin Foo
06th Feb 2017 Chairman runs Proactive through the good start to 2017
EVENTS
28th Jun 2018 Annual General Meeting ("AGM")
10th May 2018 Africa Oil & Power Investor Forum-London
21st Apr 2018 UK Investor Show
11th-12th Apr 2018 Africa Investment Exchange: Gas (AIX: Gas 2018)-London
09th-10th Nov 2017 The Cameroon Investment Forum(CIF)-Cameroon
30th-31st Oct 2017 121 Oil & Gas Investment-London
23rd-27th Oct 2017 Africa Oil Week 2017-Cape Town South Africa
07th Sep 2017 One2One Investor Forum - London
05th Sep 2017 Oil Capital Conference-London
28th Jun 2017 Annual General Meeting
01st Apr 2017 UK Investor Show
9th Feb 2017 Presentation slide show for One2One
9th Feb 2017 One2One Investor Forum - London
Social Media
banjomick
- 01 May 2015 14:38
- 90 of 701
Victoria Oil & Gas hits “watershed” 50MW target in Cameroon
May 1, 2015
After a number of slow years as it battled the realities of building a gas-based infrastructure from scratch in Cameroon, momentum is really building at Victoria Oil & Gas, with the shares having surged more than 100 per cent since early December. The AIM-quoted company has been steadily building supplies from its Logbaba gas-condensate field to the industrial port city of Douala. Industrial customers are supplied with gas via a 31.3 km pipeline network built by VOG’s 100 per cent owned subsidiary Gaz du Cameroun (GDC), offering heavy end-users a more reliable, cheaper and cleaner source of energy than the alternatives, such as expensive heavy fuel oil or seasonal hydroelectricity.
The last four months, however, have seen an acceleration in the roll-out of VOG’s strategy as it worked to meet the terms of a new 50 MW gas-to-power deal with local partners, an agreement that executive chairman Kevin Foo rightly called “game-changing”. Last week, the London company hit this target when it began supplying the 30 MW Logbaba power station under the contract with ENEO Cameroun.
This, plus the recently announced 20 MW to Bassa power station, meets the 50 MW target of VOG’s deal with ENEO, triggering take-or-pay conditions in the contract. That deal, signed at the end of 2014, saw VOG commit to supply gas to generate 50 MW, which draws on 10.1 million cf/d of gas, of which the minimum take or pay component is 90 per cent in the dry season and 30 per cent in the wet season. Since the 50 MW came online, production from the field has averaged 14.5 million cf/d, with a daily peak of 15.3 million cf/d. Under the terms of the contract, the gas sells at a fixed price of US$9/mmbtu.
Foo pointed out it had taken less than four months to get from contract signing to delivery of 50MW to the grid. “Average production levels have risen to 14.5 million cf/d, three times higher than levels at the end of 2014, which underlines this transformational agreement for VOG and give us confidence GDC can meet its average production target of 10.4 million cf/d for calendar year 2015,” he said.
This is important – in the past VOG serially missed its production targets – and not just for the turned-around AIM company; it is also a significant milestone for Cameroon’s economic development, which has been hamstrung by a significant power deficit.
Analysts at SP Angel Corporate Finance said last week’s 50 MW goal marked a “significant watershed” for the company, which now looks to be cash flow positive. “This is not to be sniffed at, as it means that the Company is now in charge of its own future,” said the analysts, noting that after a period of consolidation and cash-build it may be time to look at ways to unlock the value in the midstream business by splitting the upstream and downstream businesses.
May 1, 2015
After a number of slow years as it battled the realities of building a gas-based infrastructure from scratch in Cameroon, momentum is really building at Victoria Oil & Gas, with the shares having surged more than 100 per cent since early December. The AIM-quoted company has been steadily building supplies from its Logbaba gas-condensate field to the industrial port city of Douala. Industrial customers are supplied with gas via a 31.3 km pipeline network built by VOG’s 100 per cent owned subsidiary Gaz du Cameroun (GDC), offering heavy end-users a more reliable, cheaper and cleaner source of energy than the alternatives, such as expensive heavy fuel oil or seasonal hydroelectricity.
The last four months, however, have seen an acceleration in the roll-out of VOG’s strategy as it worked to meet the terms of a new 50 MW gas-to-power deal with local partners, an agreement that executive chairman Kevin Foo rightly called “game-changing”. Last week, the London company hit this target when it began supplying the 30 MW Logbaba power station under the contract with ENEO Cameroun.
This, plus the recently announced 20 MW to Bassa power station, meets the 50 MW target of VOG’s deal with ENEO, triggering take-or-pay conditions in the contract. That deal, signed at the end of 2014, saw VOG commit to supply gas to generate 50 MW, which draws on 10.1 million cf/d of gas, of which the minimum take or pay component is 90 per cent in the dry season and 30 per cent in the wet season. Since the 50 MW came online, production from the field has averaged 14.5 million cf/d, with a daily peak of 15.3 million cf/d. Under the terms of the contract, the gas sells at a fixed price of US$9/mmbtu.
Foo pointed out it had taken less than four months to get from contract signing to delivery of 50MW to the grid. “Average production levels have risen to 14.5 million cf/d, three times higher than levels at the end of 2014, which underlines this transformational agreement for VOG and give us confidence GDC can meet its average production target of 10.4 million cf/d for calendar year 2015,” he said.
This is important – in the past VOG serially missed its production targets – and not just for the turned-around AIM company; it is also a significant milestone for Cameroon’s economic development, which has been hamstrung by a significant power deficit.
Analysts at SP Angel Corporate Finance said last week’s 50 MW goal marked a “significant watershed” for the company, which now looks to be cash flow positive. “This is not to be sniffed at, as it means that the Company is now in charge of its own future,” said the analysts, noting that after a period of consolidation and cash-build it may be time to look at ways to unlock the value in the midstream business by splitting the upstream and downstream businesses.
banjomick
- 03 May 2015 11:20
- 91 of 701
Video footage from the UK Investor Show 18th April 2015 with the actual presentation slides re-posted below it:
https://www.youtube.com/watch?v=efG76QYLdRs
http://www.victoriaoilandgas.com/sites/default/files/presentations/VOG%20Presentation%20UK%20Investor%20Show%20April%202015_0.pdf
https://www.youtube.com/watch?v=efG76QYLdRs
http://www.victoriaoilandgas.com/sites/default/files/presentations/VOG%20Presentation%20UK%20Investor%20Show%20April%202015_0.pdf
banjomick
- 04 May 2015 23:36
- 92 of 701
If anyone didn't understand the importance of the ENEO partnership then the UK Investors Show 2015 had Kevin Foo make it quite clear.
This was published today or over the last two days from ENEO which shows the value the VOG partnership means to them:
This was published today or over the last two days from ENEO which shows the value the VOG partnership means to them:
banjomick
- 06 May 2015 08:42
- 93 of 701
The May edition of 'Business in Cameroon':
banjomick
- 06 May 2015 08:48
- 94 of 701
Cameroon: 28 manufacturing companies now use Logbaba natural gas
Wednesday, 06 May 2015
(Business in Cameroon) - Since its January 2012 launch, the Logbaba-Ndogpassi natural gas treatment plant operated in the suburbs of Cameroon’s economic capital by Rodeo Development, a subsidiary of the British company, Victoria Oil and Gas (VOG), is landing more and more customers.
Indeed, from its initial 16 corporate clients when it opened in November 2013, Rodeo Development now has 28 pipeline users.
Despite the exodus of companies switching to natural gas (cleaner and cheaper than oil and electricity) produced in Douala, VOG and its subsidiaries are confident about their ability to ensure market supply. Logbaba’s natural gas reserves are estimated to be over 212 billion cubic metres. To date, only 14 to 16 million cubic metres are being mined per day.
Wednesday, 06 May 2015
(Business in Cameroon) - Since its January 2012 launch, the Logbaba-Ndogpassi natural gas treatment plant operated in the suburbs of Cameroon’s economic capital by Rodeo Development, a subsidiary of the British company, Victoria Oil and Gas (VOG), is landing more and more customers.
Indeed, from its initial 16 corporate clients when it opened in November 2013, Rodeo Development now has 28 pipeline users.
Despite the exodus of companies switching to natural gas (cleaner and cheaper than oil and electricity) produced in Douala, VOG and its subsidiaries are confident about their ability to ensure market supply. Logbaba’s natural gas reserves are estimated to be over 212 billion cubic metres. To date, only 14 to 16 million cubic metres are being mined per day.
banjomick
- 06 May 2015 14:53
- 95 of 701
I'll keep this post updated to give a insight into VOG's progress in Cameroon:
This was added January 2016
Building Energy Sales Within a Thriving African Economy
VOG has created a gas utility business, GDC, 60% owner and operator of the Logbaba gas project, that manages all gas supply stages from extraction to customer connection. The project has onshore gas reservoirs in Cameroon to provide the industrial region of Douala with cost effective, clean and reliable energy solutions. The Company is focused going forward on a “pure gas” sale model, delivering a consistent cleaner fuel source to a diverse range of markets and applications. GDC has successfully proved first concept of gas conversion to power and is now working with equipment suppliers and potential joint venture partners to provide energy solutions.
Current Products
GDC maximises its gas production through sales across a range of varied uses. With a significant central pipeline network established in Douala, GDC’s engineering team helps design and install necessary conversion systems or power connections for new gas users. Douala city in Cameroon is currently in a period of economic expansion. GDC supports regional economic expansion by ensuring consistent gas supply for thermal and power uses.
Grid Power
Supply of gas to state power operator ENEO’s power stations for the generation of 50MW of electricity to the national grid. Modular generation sets supplied and run through equipment partners Altaaqa Alternative Solutions Projects DWC-LLC (“Altaaqa”). A “pure gas” supply solution within the main Douala network. ENEO have advised GDC of their need to supply 50-80MW of additional power to the Douala grid for each of the next five years.
In addition to ENEO, other grid power suppliers have plans to convert existing power stations to gas from GDC if the supply is available. Consequently GDC is examining expansion plans for the existing gas processing plant and evaluating limits to pipeline capacity. Importantly, it is also planning for reserves expansion in 2016 through its proposed drilling programme.
Thermal
GDC supplies gas to customers for thermal use in boilers, process plants and furnaces. The core customers are those in medium to heavy industry.
Gas condensate
Gas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and stove fuel and as a premium product in heavy oil production. Condensate can be taken by road tanker to various parts of the country. 29,700 barrels were produced during the period. Post-period, with significant levels of gas now being supplied to customers, condensate production levels will rise. GDC is examining alternative uses of condensate as with an API gravity of 43, it is close to diesel quality and could command a higher premium.
Retail Power
Gas supplied to dedicated 1.5MW gas-fired electricity generators (“Gensets”) for customers’ factories and plants became a key part in demonstrating the ability of GDC to drive power using gas. This current business is likely to move to a “pure gas” supply.
Future Products
Following a period of significant sales expansion we have realigned our focus on reserves and production expansion. New seismic programmes are being undertaken, with a twin-well campaign aimed at increasing reserves scheduled to begin at the Logbaba gas and condensate project in the first half of 2016. With the purchase of the gas processing plant from Expro, GDC is well positioned to adapt the plant to enable it to potentially double its capacity to approximately 40mmscf/d and supply new product types.
Compressed Natural Gas (“CNG”)
GDC is in discussion with a preferred supplier for the provision of a CNG solution, whereby the supplier will finance and install all gas compression and logistical operations. This model will preserve GDC’s strategy of concentrating on gas sales rather than downstream development. The potential benefits of CNG are:
•Widens our customer radius enabling operations up to 300km from Douala to be provided with our gas;
•High margin business for “pure gas” supply model;
•No capacity pressure on pipeline;
•CNG production can also occur during off-peak periods to help maintain balanced gas production; and
•Minimal GDC capital requirement.
Liquid Petroleum Gas (“LPG”)
Market research and technical studies are being undertaken to establish whether there is a commercial opportunity for GDC to expand into this market.
http://www.victoriaoilandgas.com/gaz-du-cameroun
This was added approx. January-March 2015
VOG has created an energy utility business that manages all gas supply stages from extraction to customer connection.
The Company has onshore gas reservoirs in Cameroon to provide the industrial region of Douala with
cost effective, clean and reliable energy solutions.
Gaz du Cameroun: Current Products
GDC looks to maximise its gas production across a range of varied energy product types.
With a significant central pipeline network established in Douala, GDC’s engineering teams help design and install
any necessary conversion systems or power connections for new gas users.
Thermal
Supplying customers gas for thermal use such as in boilers, process plants and furnaces.
The core customers are those in medium to heavy industry and we currently have 23 customers consuming
gas for thermal use.
Gas condensate
Gas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and
stove fuel and as a diluent in heavy oil production.
Condensate can be taken by road tanker to various parts of the country.
13,221bbls were produced during the six months to 30 November 2014 (twelve months to 31 May 2014: 14,107bbls).
Gensets (gas-fired electricity generation)
Gas supplied to dedicated 0.5-3.0MW generators for customers’ factories and plants.
We successfully installed the first 6 Gensets at 4 customer sites, resulting in an immediate increase in gas supply.
GDC is looking to expand its gas-to-power business and develop the Genset model, sourcing units meeting specific customer needs.
Gaz du Cameroun: Future Products
The need for GDC gas in Cameroon is driven by high cost fuel sources such as
HFO and a national deficit in power that leads to erratic electricity supply.
GDC is working to develop new markets for its gas such as providing large scale
supply to support the national power provider and through products that need
low levels of infrastructure and capital expenditure, such as compressed
natural gas. The strategy is to develop abroad spectrum of energy product types
and markets.
Supplying the grid
With ENEO and the Cameroon Government, we aim to supply gas to Gensets at power stations in Douala.
We ensure security of supply and have capacity to become the supplier to three power stations in Douala.
Initial planned peak output from the first two of these stations is 50MW.
Compressed natural gas (“CNG”)
We are currently evaluating a CNG project where CNG is transported by road tanker from a compressor station to customers without the capital-intensive requirement of a pipeline. CNG enables gas to be sold economically to businesses via a “virtual pipeline” within a 200km radius of the operations.
This was added approx. November 2014
Thermal
Supplying customers gas for thermal use such as in boilers, process plants and furnaces. The core customers are those in medium to heavy industry and we currently have 18 customers consuming gas for thermal use.
Gas condensate
Gas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and stove fuel and as a diluent in heavy oil production. Condensate can be taken by road tanker to various parts of the country. 14,107bbls were produced during the period.
Gensets (gas-fired electricity generation)
Gas supplied to dedicated 0.5-3.0MW generators for customers’ factories and plants. We successfully installed the first 6 Gensets at 4 customer sites,
resulting in an immediate increase in gas supply. GDC is looking to expand its gas-to-power business and develop the Genset model, sourcing units meeting
specific customer needs.
Gaz du Cameroun: Future Products
The need for GDC gas in Cameroon is driven by high cost fuel sources such as
HFO and a national deficit in power that leads to erratic electricity supply.
GDC is working to develop new markets for its gas such as providing large scale
supply to support the national power provider and through products that need
low levels of infrastructure and capital expenditure, such as compressed
natural gas. The strategy is to develop abroad spectrum of energy product types
and markets.
Supplying the grid
With ENEO and the Cameroon Government, we aim to supply gas to Gensets at power stations in Douala. We ensure security of supply and have capacity to become
the supplier to three power stations in Douala.
Initial planned peak output from the first two of these stations is 50MW.
Compressed natural gas (“CNG”)
We are currently evaluating a CNG project where CNG is transported by road tanker from a compressor station to customers without the capital-intensive
requirement of a pipeline.
CNG enables gas to be sold economically to businesses via a “virtual pipeline”
within a 200km radius of the operations.
http://www.victoriaoilandgas.com/gaz-du-cameroun
This was added January 2016
Building Energy Sales Within a Thriving African Economy
VOG has created a gas utility business, GDC, 60% owner and operator of the Logbaba gas project, that manages all gas supply stages from extraction to customer connection. The project has onshore gas reservoirs in Cameroon to provide the industrial region of Douala with cost effective, clean and reliable energy solutions. The Company is focused going forward on a “pure gas” sale model, delivering a consistent cleaner fuel source to a diverse range of markets and applications. GDC has successfully proved first concept of gas conversion to power and is now working with equipment suppliers and potential joint venture partners to provide energy solutions.
Current Products
GDC maximises its gas production through sales across a range of varied uses. With a significant central pipeline network established in Douala, GDC’s engineering team helps design and install necessary conversion systems or power connections for new gas users. Douala city in Cameroon is currently in a period of economic expansion. GDC supports regional economic expansion by ensuring consistent gas supply for thermal and power uses.
Grid PowerSupply of gas to state power operator ENEO’s power stations for the generation of 50MW of electricity to the national grid. Modular generation sets supplied and run through equipment partners Altaaqa Alternative Solutions Projects DWC-LLC (“Altaaqa”). A “pure gas” supply solution within the main Douala network. ENEO have advised GDC of their need to supply 50-80MW of additional power to the Douala grid for each of the next five years.
In addition to ENEO, other grid power suppliers have plans to convert existing power stations to gas from GDC if the supply is available. Consequently GDC is examining expansion plans for the existing gas processing plant and evaluating limits to pipeline capacity. Importantly, it is also planning for reserves expansion in 2016 through its proposed drilling programme.
ThermalGDC supplies gas to customers for thermal use in boilers, process plants and furnaces. The core customers are those in medium to heavy industry.
Gas condensateGas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and stove fuel and as a premium product in heavy oil production. Condensate can be taken by road tanker to various parts of the country. 29,700 barrels were produced during the period. Post-period, with significant levels of gas now being supplied to customers, condensate production levels will rise. GDC is examining alternative uses of condensate as with an API gravity of 43, it is close to diesel quality and could command a higher premium.
Retail PowerGas supplied to dedicated 1.5MW gas-fired electricity generators (“Gensets”) for customers’ factories and plants became a key part in demonstrating the ability of GDC to drive power using gas. This current business is likely to move to a “pure gas” supply.
Future Products
Following a period of significant sales expansion we have realigned our focus on reserves and production expansion. New seismic programmes are being undertaken, with a twin-well campaign aimed at increasing reserves scheduled to begin at the Logbaba gas and condensate project in the first half of 2016. With the purchase of the gas processing plant from Expro, GDC is well positioned to adapt the plant to enable it to potentially double its capacity to approximately 40mmscf/d and supply new product types.
Compressed Natural Gas (“CNG”)GDC is in discussion with a preferred supplier for the provision of a CNG solution, whereby the supplier will finance and install all gas compression and logistical operations. This model will preserve GDC’s strategy of concentrating on gas sales rather than downstream development. The potential benefits of CNG are:
•Widens our customer radius enabling operations up to 300km from Douala to be provided with our gas;
•High margin business for “pure gas” supply model;
•No capacity pressure on pipeline;
•CNG production can also occur during off-peak periods to help maintain balanced gas production; and
•Minimal GDC capital requirement.
Liquid Petroleum Gas (“LPG”)Market research and technical studies are being undertaken to establish whether there is a commercial opportunity for GDC to expand into this market.
http://www.victoriaoilandgas.com/gaz-du-cameroun
This was added approx. January-March 2015
VOG has created an energy utility business that manages all gas supply stages from extraction to customer connection.
The Company has onshore gas reservoirs in Cameroon to provide the industrial region of Douala with
cost effective, clean and reliable energy solutions.
Gaz du Cameroun: Current Products
GDC looks to maximise its gas production across a range of varied energy product types.
With a significant central pipeline network established in Douala, GDC’s engineering teams help design and install
any necessary conversion systems or power connections for new gas users.
ThermalSupplying customers gas for thermal use such as in boilers, process plants and furnaces.
The core customers are those in medium to heavy industry and we currently have 23 customers consuming
gas for thermal use.
Gas condensateGas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and
stove fuel and as a diluent in heavy oil production.
Condensate can be taken by road tanker to various parts of the country.
13,221bbls were produced during the six months to 30 November 2014 (twelve months to 31 May 2014: 14,107bbls).
Gensets (gas-fired electricity generation)Gas supplied to dedicated 0.5-3.0MW generators for customers’ factories and plants.
We successfully installed the first 6 Gensets at 4 customer sites, resulting in an immediate increase in gas supply.
GDC is looking to expand its gas-to-power business and develop the Genset model, sourcing units meeting specific customer needs.
Gaz du Cameroun: Future Products
The need for GDC gas in Cameroon is driven by high cost fuel sources such as
HFO and a national deficit in power that leads to erratic electricity supply.
GDC is working to develop new markets for its gas such as providing large scale
supply to support the national power provider and through products that need
low levels of infrastructure and capital expenditure, such as compressed
natural gas. The strategy is to develop abroad spectrum of energy product types
and markets.
Supplying the gridWith ENEO and the Cameroon Government, we aim to supply gas to Gensets at power stations in Douala.
We ensure security of supply and have capacity to become the supplier to three power stations in Douala.
Initial planned peak output from the first two of these stations is 50MW.
Compressed natural gas (“CNG”)We are currently evaluating a CNG project where CNG is transported by road tanker from a compressor station to customers without the capital-intensive requirement of a pipeline. CNG enables gas to be sold economically to businesses via a “virtual pipeline” within a 200km radius of the operations.
This was added approx. November 2014
ThermalSupplying customers gas for thermal use such as in boilers, process plants and furnaces. The core customers are those in medium to heavy industry and we currently have 18 customers consuming gas for thermal use.
Gas condensateGas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and stove fuel and as a diluent in heavy oil production. Condensate can be taken by road tanker to various parts of the country. 14,107bbls were produced during the period.
Gensets (gas-fired electricity generation)Gas supplied to dedicated 0.5-3.0MW generators for customers’ factories and plants. We successfully installed the first 6 Gensets at 4 customer sites,
resulting in an immediate increase in gas supply. GDC is looking to expand its gas-to-power business and develop the Genset model, sourcing units meeting
specific customer needs.
Gaz du Cameroun: Future Products
The need for GDC gas in Cameroon is driven by high cost fuel sources such as
HFO and a national deficit in power that leads to erratic electricity supply.
GDC is working to develop new markets for its gas such as providing large scale
supply to support the national power provider and through products that need
low levels of infrastructure and capital expenditure, such as compressed
natural gas. The strategy is to develop abroad spectrum of energy product types
and markets.
Supplying the gridWith ENEO and the Cameroon Government, we aim to supply gas to Gensets at power stations in Douala. We ensure security of supply and have capacity to become
the supplier to three power stations in Douala.
Initial planned peak output from the first two of these stations is 50MW.
Compressed natural gas (“CNG”)We are currently evaluating a CNG project where CNG is transported by road tanker from a compressor station to customers without the capital-intensive
requirement of a pipeline.
CNG enables gas to be sold economically to businesses via a “virtual pipeline”
within a 200km radius of the operations.
http://www.victoriaoilandgas.com/gaz-du-cameroun
banjomick
- 07 May 2015 09:36
- 96 of 701
Cameroon: Eneo launches 50 MW central gas plant in Douala
Thursday, 07 May 2015
(Business in Cameroon) - On, April 28, 2015, the Minister of Energy and Water, Basile Atangana Kouna, officially opened a 50 MW thermal gas plant. Eneo’s investment cost 20 billion FCFA.
The new plant is crucial to preserving the balance between electricity supply and demand in the dry season which generally suffers a decline in production due to the low water levels in the dams. The Logbaba-Bassa gas plant was built in three months by Altaaqa Global, while Gaz du Cameroun (GDC) connected the plant to the pipeline to ensure gas supply.
However, although it is satisfied with the efficiency of its partnership between Eneo, Altaaqa Global and Gaz du Cameroun, which enabled the plant to be launched quickly, Eneo’s Managing Director, Joël Nana Kontchou, thinks there is a lot more to be done in the electricity sector in Cameroon.
Thursday, 07 May 2015
(Business in Cameroon) - On, April 28, 2015, the Minister of Energy and Water, Basile Atangana Kouna, officially opened a 50 MW thermal gas plant. Eneo’s investment cost 20 billion FCFA.
The new plant is crucial to preserving the balance between electricity supply and demand in the dry season which generally suffers a decline in production due to the low water levels in the dams. The Logbaba-Bassa gas plant was built in three months by Altaaqa Global, while Gaz du Cameroun (GDC) connected the plant to the pipeline to ensure gas supply.
However, although it is satisfied with the efficiency of its partnership between Eneo, Altaaqa Global and Gaz du Cameroun, which enabled the plant to be launched quickly, Eneo’s Managing Director, Joël Nana Kontchou, thinks there is a lot more to be done in the electricity sector in Cameroon.
banjomick
- 08 May 2015 08:32
- 97 of 701
Gaz du Cameroun to drill two wells in the Logbaba gas field in 2015-2016
Friday, 08 May 2015
(Business in Cameroon) - For the 2015-2016 period, Gaz du Cameroun (GDC) plans to increase production by drilling two new wells in the Logbaba gas field, which was developed in the suburbs of Douala by its parent company, the British oil company, Victoria Oil & Gas (VOG).
According to GDC Business Development Director Henri Serge Job, the first well will be drilled in late 2015, while the second will be drilled in 2016.
Without specifying the amount of the investment, Mr. Job indicated that the funds will be used to address Cameroon manufacturing companies’ growing demand for natural gas.
Friday, 08 May 2015
(Business in Cameroon) - For the 2015-2016 period, Gaz du Cameroun (GDC) plans to increase production by drilling two new wells in the Logbaba gas field, which was developed in the suburbs of Douala by its parent company, the British oil company, Victoria Oil & Gas (VOG).
According to GDC Business Development Director Henri Serge Job, the first well will be drilled in late 2015, while the second will be drilled in 2016.
Without specifying the amount of the investment, Mr. Job indicated that the funds will be used to address Cameroon manufacturing companies’ growing demand for natural gas.
banjomick
- 12 May 2015 09:27
- 98 of 701
Translated by Google:
Cameroon: towards the extension of the concession contract for the electrician Eneo beyond 2021
Monday, 11 May 2015
The concession contract of the public service electricity in Cameroon, which is currently the beneficiary Eneo company (Energy of Cameroon) controlled by the British investment fund Actis, which recently acquired the assets of American AES in the area electricity in Cameroon, could be extended beyond the year 2021, date of expiry, has-been learned from authorized sources.
Indeed, in the press having sanctioned the last Board of Directors held in Yaoundé Eneo 23 April 2015, the Council recommends to the General Directorate "to finalize and sign the new amendment to the concession contract between Cameroon SA and Eneo the Republic of Cameroon. " According to our sources, this new amendment seeks, among other objectives, to obtain the Cameroonian government an extension of the concession contract qu'Eneo inherited Aes Sonel.
A source close to the case said: "l e of Eneo investment program for the next 10 years amounts to date to 477 billion CFA francs. But in the current state, the concession contract inherited AES covers the period until 2021. No formal discussions have been initiated on its extension, but can validly think that the rider will cover the period Minimum extension, which will be able to cover at least the duration of the repayment of the debt contracted by the company to the lenders. It is the objective of this rider. Namely, align the duration of the repayment of loans needed by the operator on the contract under which it operates. "
http://www.investiraucameroun.com/energie/1105-6344-cameroun-vers-la-prorogation-du-contrat-de-concession-de-l-electricien-eneo-au-dela-de-2021
Cameroon: towards the extension of the concession contract for the electrician Eneo beyond 2021
Monday, 11 May 2015
The concession contract of the public service electricity in Cameroon, which is currently the beneficiary Eneo company (Energy of Cameroon) controlled by the British investment fund Actis, which recently acquired the assets of American AES in the area electricity in Cameroon, could be extended beyond the year 2021, date of expiry, has-been learned from authorized sources.
Indeed, in the press having sanctioned the last Board of Directors held in Yaoundé Eneo 23 April 2015, the Council recommends to the General Directorate "to finalize and sign the new amendment to the concession contract between Cameroon SA and Eneo the Republic of Cameroon. " According to our sources, this new amendment seeks, among other objectives, to obtain the Cameroonian government an extension of the concession contract qu'Eneo inherited Aes Sonel.
A source close to the case said: "l e of Eneo investment program for the next 10 years amounts to date to 477 billion CFA francs. But in the current state, the concession contract inherited AES covers the period until 2021. No formal discussions have been initiated on its extension, but can validly think that the rider will cover the period Minimum extension, which will be able to cover at least the duration of the repayment of the debt contracted by the company to the lenders. It is the objective of this rider. Namely, align the duration of the repayment of loans needed by the operator on the contract under which it operates. "
http://www.investiraucameroun.com/energie/1105-6344-cameroun-vers-la-prorogation-du-contrat-de-concession-de-l-electricien-eneo-au-dela-de-2021
banjomick
- 13 May 2015 20:44
- 99 of 701
From the article below dated April 30th 2015, link added for National Hydrocarbons Corporation (SNH) (La Société Nationale des Hydrocarbures du Cameroun (SNH))
"Furthermore, said Serge Henri Job, GDC is currently negotiating with the National Hydrocarbons Corporation (SNH), the armed wing of the Cameroon government in the oil and gas sector, to produce the compressed gas which could then be transported au Beyond the city of Douala, and thus supply companies located in other cities in Cameroon."
Gas Cameroon will drill two new wells on the gas field in the period 2015-2016 Logbaba
La Société Nationale des Hydrocarbures du Cameroun (SNH)
"Furthermore, said Serge Henri Job, GDC is currently negotiating with the National Hydrocarbons Corporation (SNH), the armed wing of the Cameroon government in the oil and gas sector, to produce the compressed gas which could then be transported au Beyond the city of Douala, and thus supply companies located in other cities in Cameroon."
Gas Cameroon will drill two new wells on the gas field in the period 2015-2016 Logbaba
La Société Nationale des Hydrocarbures du Cameroun (SNH)
banjomick
- 18 May 2015 14:58
- 100 of 701
Just out of interest the VOG website has been updated with a couple of pictures (last two) from the April Inauguration ceremony of ENEO gas fired genset complexes at Bassa and Logbaba Power Stations:
http://www.victoriaoilandgas.com/gaz-du-cameroun/photo-gallery
http://www.victoriaoilandgas.com/gaz-du-cameroun/photo-gallery
banjomick
- 18 May 2015 15:28
- 101 of 701
Cameroon:Dibamba Power Station
Market Outlook
.Logbaba LFO (light fuel oil) to gas: 3MW = 3mmscf/d
.Dibamba Power Station expansion I: 50MW = 10mmscf/d, subject to 10 year proven gas reserve
.Dibamba expansion II: 100MW = 20mmscf/d, Dibamba III: 200MW = 40mmscf/d
VOG Factsheet 20th April 2015
Links & Information Relating to Dibamba Power Station
PUBLIC-PRIVATE PARTNERSHIPS BRIEFS-June 2015
Conversion to gas at a later stage-Article Jul 2011
ENVIRONMENTAL AND SOCIAL IMPACT ASSESSMENT REPORT 2008
Market Outlook
.Logbaba LFO (light fuel oil) to gas: 3MW = 3mmscf/d
.Dibamba Power Station expansion I: 50MW = 10mmscf/d, subject to 10 year proven gas reserve
.Dibamba expansion II: 100MW = 20mmscf/d, Dibamba III: 200MW = 40mmscf/d
VOG Factsheet 20th April 2015
Links & Information Relating to Dibamba Power Station
PUBLIC-PRIVATE PARTNERSHIPS BRIEFS-June 2015
Conversion to gas at a later stage-Article Jul 2011
ENVIRONMENTAL AND SOCIAL IMPACT ASSESSMENT REPORT 2008
banjomick
- 19 May 2015 10:31
- 102 of 701
A bit of publicity for Altaaqa Global:
Cameroon power plant built in three weeks
Written by Steve Ducker - 18 May 2015
Altaaqa Global’s temporary natural gas power plants, with a joint capacity of 50 MW, have been inaugurated at the Logbaba power plant site in Douala, Cameroon.
The ceremony was attended by minister of water resources and energy Dr Atangana Kouna Basile and members of the Cameroon government. Also present were senior executives from Eneo Cameroon, the country’s integrated utility company, and Gaz du Cameroun (GDC), a wholly owned subsidiary of Victoria Oil & Gas (VOG).
Altaaqa Global, a subsidiary of the Zahid Group, was recently selected by Caterpillar to deliver multi-MW turnkey temporary power solutions worldwide.
The rental gas power plants in Cameroon were installed and commissioned within 21 days from the time the equipment arrived at the intended power plant sites.
In this project, with the Cameroonian government and Eneo as clients, Altaaqa Global provided the power generation equipment, and took the responsibility of importing and installing the generators at the Logbaba and Ndokoti (Bassa) sites, while GDC supplied the gas to the rental gas power stations at both sites.
Peter den Boogert, CEO of Altaaqa Global, said: “We are very proud to have been involved in this project. Altaaqa Global is greatly honoured to contribute to Cameroon’s national energy strategy and have the chance to promote the greater good of the nation.”
Altaaqa Global installed gas engine generators at both sites to ensure that the power plants are dependable and also environmentally friendly. In recognition of the worldwide emission requirements, which mandate the level of NOx emissions of equipment and industrial operations, Altaaqa Global engineered its gas generators to emit only 250 mg/Nm3 even without after-treatment.
Majid Zahid, strategic accounts director of Altaaqa Global, said: “Our temporary gas power plants systems meet the worldwide emissions standards and do not harm the environment. These rental gas plants are designed for performance and reliability, while being more environmentally friendly compared to systems running on other fuels.
“As the generators run on natural gas, they do not require expensive after-treatments and are, therefore, more economical to operate owing to more cost-effective fuel prices.”
Edit:
Cameroon power plant built in three weeks
Written by Steve Ducker - 18 May 2015
Altaaqa Global’s temporary natural gas power plants, with a joint capacity of 50 MW, have been inaugurated at the Logbaba power plant site in Douala, Cameroon.
The ceremony was attended by minister of water resources and energy Dr Atangana Kouna Basile and members of the Cameroon government. Also present were senior executives from Eneo Cameroon, the country’s integrated utility company, and Gaz du Cameroun (GDC), a wholly owned subsidiary of Victoria Oil & Gas (VOG).
Altaaqa Global, a subsidiary of the Zahid Group, was recently selected by Caterpillar to deliver multi-MW turnkey temporary power solutions worldwide.
The rental gas power plants in Cameroon were installed and commissioned within 21 days from the time the equipment arrived at the intended power plant sites.
In this project, with the Cameroonian government and Eneo as clients, Altaaqa Global provided the power generation equipment, and took the responsibility of importing and installing the generators at the Logbaba and Ndokoti (Bassa) sites, while GDC supplied the gas to the rental gas power stations at both sites.
Peter den Boogert, CEO of Altaaqa Global, said: “We are very proud to have been involved in this project. Altaaqa Global is greatly honoured to contribute to Cameroon’s national energy strategy and have the chance to promote the greater good of the nation.”
Altaaqa Global installed gas engine generators at both sites to ensure that the power plants are dependable and also environmentally friendly. In recognition of the worldwide emission requirements, which mandate the level of NOx emissions of equipment and industrial operations, Altaaqa Global engineered its gas generators to emit only 250 mg/Nm3 even without after-treatment.
Majid Zahid, strategic accounts director of Altaaqa Global, said: “Our temporary gas power plants systems meet the worldwide emissions standards and do not harm the environment. These rental gas plants are designed for performance and reliability, while being more environmentally friendly compared to systems running on other fuels.
“As the generators run on natural gas, they do not require expensive after-treatments and are, therefore, more economical to operate owing to more cost-effective fuel prices.”
Edit:
banjomick
- 27 May 2015 07:55
- 103 of 701
27 May 2015
Victoria Oil & Gas Plc
Gas Plant Purchase from Expro, Cameroon
Victoria Oil & Gas Plc today announces that its 100% owned subsidiary, Gaz du Cameroun S.A. ("GDC"), has made payment in full for the purchase of the Logbaba gas processing plant ("the Plant") from Expro Worldwide BV ("Expro"). The Plant currently processes gas extracted from the GDC wells, producing condensate which is sold to a local refinery and clean natural gas which is distributed to customers through the 33km pipeline network in Douala, Cameroon.
The Plant has been purchased from Expro for US$2.578m, using cash generated from GDC operations, and the Board believes that this purchase will deliver significant cost savings. GDC is evaluating proposals for a long term contract for the operation and maintenance of the Plant with specialist service companies, including Expro.
Kevin Foo, Executive Chairman of GDC, said: "The purchase of the Logbaba plant is a key milestone for GDC, bringing with it significant cost savings which will enable us to continue to grow the business and increase shareholder value. We are now evaluating options for the Plant expansion and look forward to providing an update in due course."
For further information, please visit www.victoriaoilandgas.com
Notes to Editors
About Victoria Oil & Gas Plc
Victoria Oil & Gas (VOG.L) is a gas utility company with operations in the industrial port city of Douala in Cameroon, which is the business hub to Central Africa.
The Company's subsidiary, Gaz du Cameroun S.A. ("GDC"), supplies cost effective, clean and reliable gas to industries in the Douala region from its onshore Logbaba Gas Project. Industrial customers are primarily supplied with gas through a 32.9km pipeline network built by GDC in Douala.
Through thermal gas supply and provision of energy to the Douala grid, under the ENEO terms of agreement, GDC is helping to ensure that the Cameroon economy is underpinned with stable power. By developing a full integrated gas supply network, connected to wells located within the city itself, GDC has established a new range of energy product types within Douala that are cost effective, reliable, safe and cleaner than liquid fuel alternatives.
The Company generates cash flow from the Logbaba Project which is 60% owned and managed by GDC, with RSM Production Corporation, an affiliate of Grynberg Petroleum Company of Denver, Colorado holding a 40% participating interest.
VOG also holds 100% of the West Medvezhye oil and gas exploration project near Nadym, Russia. The field has C1 plus C2 reserves of 14.4mmboe (under the Russian resource classification system, analogous to proven and probable reserves under Western conventions) in addition to best estimate prospective resources of 1.4bboe.
Cameroon Energy Market
Cameroon is a stable African country that is host to a developing economy serving most of Central Africa with goods and services. A power deficit remains a major hindrance to Cameroon's economic expansion.
The power grid is reliant on hydroelectric dams to supply 75% of power and the shortfall is made up from heavy fuel oil and gas. Hydroelectric dams are highly seasonal, with stream rates significantly varying from 6,000m3 per second in the wet season to 50m3 per second in the dry season.
As with many hydro electrical systems transmission loss is also a constant issue when balancing power loads across distances to different consuming regions. The port-city of Douala is the major industrial zone within Cameroon and it requires high levels of consistently delivered grid power all year round. Currently Cameroon's energy demand is growing at 7% annually and gas is seen as a key element to Cameroons national energy strategy.
http://www.moneyam.com/action/news/showArticle?id=5044134
Victoria Oil & Gas Plc
Gas Plant Purchase from Expro, Cameroon
Victoria Oil & Gas Plc today announces that its 100% owned subsidiary, Gaz du Cameroun S.A. ("GDC"), has made payment in full for the purchase of the Logbaba gas processing plant ("the Plant") from Expro Worldwide BV ("Expro"). The Plant currently processes gas extracted from the GDC wells, producing condensate which is sold to a local refinery and clean natural gas which is distributed to customers through the 33km pipeline network in Douala, Cameroon.
The Plant has been purchased from Expro for US$2.578m, using cash generated from GDC operations, and the Board believes that this purchase will deliver significant cost savings. GDC is evaluating proposals for a long term contract for the operation and maintenance of the Plant with specialist service companies, including Expro.
Kevin Foo, Executive Chairman of GDC, said: "The purchase of the Logbaba plant is a key milestone for GDC, bringing with it significant cost savings which will enable us to continue to grow the business and increase shareholder value. We are now evaluating options for the Plant expansion and look forward to providing an update in due course."
For further information, please visit www.victoriaoilandgas.com
Notes to Editors
About Victoria Oil & Gas Plc
Victoria Oil & Gas (VOG.L) is a gas utility company with operations in the industrial port city of Douala in Cameroon, which is the business hub to Central Africa.
The Company's subsidiary, Gaz du Cameroun S.A. ("GDC"), supplies cost effective, clean and reliable gas to industries in the Douala region from its onshore Logbaba Gas Project. Industrial customers are primarily supplied with gas through a 32.9km pipeline network built by GDC in Douala.
Through thermal gas supply and provision of energy to the Douala grid, under the ENEO terms of agreement, GDC is helping to ensure that the Cameroon economy is underpinned with stable power. By developing a full integrated gas supply network, connected to wells located within the city itself, GDC has established a new range of energy product types within Douala that are cost effective, reliable, safe and cleaner than liquid fuel alternatives.
The Company generates cash flow from the Logbaba Project which is 60% owned and managed by GDC, with RSM Production Corporation, an affiliate of Grynberg Petroleum Company of Denver, Colorado holding a 40% participating interest.
VOG also holds 100% of the West Medvezhye oil and gas exploration project near Nadym, Russia. The field has C1 plus C2 reserves of 14.4mmboe (under the Russian resource classification system, analogous to proven and probable reserves under Western conventions) in addition to best estimate prospective resources of 1.4bboe.
Cameroon Energy Market
Cameroon is a stable African country that is host to a developing economy serving most of Central Africa with goods and services. A power deficit remains a major hindrance to Cameroon's economic expansion.
The power grid is reliant on hydroelectric dams to supply 75% of power and the shortfall is made up from heavy fuel oil and gas. Hydroelectric dams are highly seasonal, with stream rates significantly varying from 6,000m3 per second in the wet season to 50m3 per second in the dry season.
As with many hydro electrical systems transmission loss is also a constant issue when balancing power loads across distances to different consuming regions. The port-city of Douala is the major industrial zone within Cameroon and it requires high levels of consistently delivered grid power all year round. Currently Cameroon's energy demand is growing at 7% annually and gas is seen as a key element to Cameroons national energy strategy.
http://www.moneyam.com/action/news/showArticle?id=5044134
banjomick
- 27 May 2015 09:08
- 104 of 701
Victoria Oil buys gas process plant at Logbaba
By Philip Whiterow
May 27 2015
Taking control of the plant will generate significant cost savings, Victoria Oil said.
Victoria Oil & Gas‘s (LON:VOG) Cameroon subsidiary has bought the plant it uses to process gas from the Logbaba field.
Taking control of the plant will generate significant cost savings, Victoria Oil said, which is negotiating a contract for maintenance over the long-term.
Expro sold the plant for US$2.58mln in cash, which Victoria Oil paid in full using funds generated from sales of gas into the grid around Douala, Cameroon’s second city.
Kevin Foo, executive chairman, said: "The purchase of the Logbaba plant is a key milestone for GDC [Victoria’s local subsidiary], bringing with it significant cost savings.”
Edit-Further coverage:
By Philip Whiterow
May 27 2015
Taking control of the plant will generate significant cost savings, Victoria Oil said.Victoria Oil & Gas‘s (LON:VOG) Cameroon subsidiary has bought the plant it uses to process gas from the Logbaba field.
Taking control of the plant will generate significant cost savings, Victoria Oil said, which is negotiating a contract for maintenance over the long-term.
Expro sold the plant for US$2.58mln in cash, which Victoria Oil paid in full using funds generated from sales of gas into the grid around Douala, Cameroon’s second city.
Kevin Foo, executive chairman, said: "The purchase of the Logbaba plant is a key milestone for GDC [Victoria’s local subsidiary], bringing with it significant cost savings.”
Edit-Further coverage:
banjomick
- 27 May 2015 20:42
- 105 of 701
Missed from this morning-SP Angel:
Headlines
• Victoria Oil and Gas (LOON:VOG) – Time to Look Forward. A Long Way Forward: Today's news is a solid step forwards, and one that provides an increasingly stable and solid platform from which to continue to build its business. Given the success, Nigeria beckons, and with a swathe of industrial buyers and a ready supply of "stranded" gas assets, the opportunity is an order of magnitude greater than it has experienced to date. Time to get start looking forward to where the opportunities are.
and
News Items
Victoria Oil and Gas (LON:VOG) – Time to Look Forward. A Long Way Forward
Today's news disclosing the acquisition of the Logbaba gas processing plant is a good move, and one which we believe is a solid step forwards for the Company. Not only will it be able to reduce costs, but it will also afford it a level of flexibility. The question now becomes one of which entity this will sit in, the upstream entity, or the midstream entity?
This is important as we believe that the Company is not receiving full value for the position that it is now in, and splitting the two businesses and dividending them out to shareholders will see that value better realised.
The businesses have two differing risk profiles, and if the wider midstream opportunity develops as it appears as it is, there could be a perceived conflict of interest with the client base of the midstream business. We believe that the midstream business can leverage its leadership position in Cameroon to tap in to the new gas finds offshore, especially as the Ferrostaal fertiliser plant FID is still in the offing; it could be the midstream development partner to the whole area.
Against this backdrop we believe that there is much to aim for and provided that the focus remains, we see no reason why the Company's leadership position will be challenged, in the near term at least.
This experience should also provide a measure of track record to tackle an even bigger prize, which is participation the rollout of Nigeria's gas master plan, which has been on the drawing board for at least 15 years and a central pillar to the country's much vaunted PIB. Compiling a bid document and pitching to NNPC will give the Company a leadership role, and one which could catapult it in to the big leagues.
With the experience that they have gained in Cameroon, there is no need to limit the Company's ambitions, as it can be rolled out anywhere where there is stranded gas and a fledgling industrial base, outside of Nigeria, East Africa springs to mind.
These are the next stages for the Company, but they don't sit well with the upstream. While the midstream business is moving forwards at a pace, in the upstream, however, the issue of well life in Logbaba is now the next concern to focus on, and in the wider context of the upstream business, what will be happening with the Russian and Kazakh offices. More reason to spin out the businesses.
Today's news is a solid step forwards, and one that provides an increasingly stable and solid platform from which to continue to build its business. Given the success, Nigeria beckons, and with a swathe of industrial buyers and a ready supply of "stranded" gas assets, the opportunity is an order of magnitude greater than it has experienced to date. Time to get start looking forward to where the opportunities are.
Headlines
• Victoria Oil and Gas (LOON:VOG) – Time to Look Forward. A Long Way Forward: Today's news is a solid step forwards, and one that provides an increasingly stable and solid platform from which to continue to build its business. Given the success, Nigeria beckons, and with a swathe of industrial buyers and a ready supply of "stranded" gas assets, the opportunity is an order of magnitude greater than it has experienced to date. Time to get start looking forward to where the opportunities are.
and
News Items
Victoria Oil and Gas (LON:VOG) – Time to Look Forward. A Long Way Forward
Today's news disclosing the acquisition of the Logbaba gas processing plant is a good move, and one which we believe is a solid step forwards for the Company. Not only will it be able to reduce costs, but it will also afford it a level of flexibility. The question now becomes one of which entity this will sit in, the upstream entity, or the midstream entity?
This is important as we believe that the Company is not receiving full value for the position that it is now in, and splitting the two businesses and dividending them out to shareholders will see that value better realised.
The businesses have two differing risk profiles, and if the wider midstream opportunity develops as it appears as it is, there could be a perceived conflict of interest with the client base of the midstream business. We believe that the midstream business can leverage its leadership position in Cameroon to tap in to the new gas finds offshore, especially as the Ferrostaal fertiliser plant FID is still in the offing; it could be the midstream development partner to the whole area.
Against this backdrop we believe that there is much to aim for and provided that the focus remains, we see no reason why the Company's leadership position will be challenged, in the near term at least.
This experience should also provide a measure of track record to tackle an even bigger prize, which is participation the rollout of Nigeria's gas master plan, which has been on the drawing board for at least 15 years and a central pillar to the country's much vaunted PIB. Compiling a bid document and pitching to NNPC will give the Company a leadership role, and one which could catapult it in to the big leagues.
With the experience that they have gained in Cameroon, there is no need to limit the Company's ambitions, as it can be rolled out anywhere where there is stranded gas and a fledgling industrial base, outside of Nigeria, East Africa springs to mind.
These are the next stages for the Company, but they don't sit well with the upstream. While the midstream business is moving forwards at a pace, in the upstream, however, the issue of well life in Logbaba is now the next concern to focus on, and in the wider context of the upstream business, what will be happening with the Russian and Kazakh offices. More reason to spin out the businesses.
Today's news is a solid step forwards, and one that provides an increasingly stable and solid platform from which to continue to build its business. Given the success, Nigeria beckons, and with a swathe of industrial buyers and a ready supply of "stranded" gas assets, the opportunity is an order of magnitude greater than it has experienced to date. Time to get start looking forward to where the opportunities are.
banjomick
- 27 May 2015 20:47
- 106 of 701
and from Malcy's Blog:
Victoria Oil & Gas
Another piece of good news from VOG as they buy the Logbaba gas processing plant from Expro for $2.578m. The money will come from cash generated from GDC operations and they will now operate the plant with significant cost savings and on long term contracts with Expro and other potential customers. Good news because this will enable VOG to grow the business, expand the plant and increase profitability and if it meant more demand for their gas then all the better. Still a big fan.
Victoria Oil & Gas
Another piece of good news from VOG as they buy the Logbaba gas processing plant from Expro for $2.578m. The money will come from cash generated from GDC operations and they will now operate the plant with significant cost savings and on long term contracts with Expro and other potential customers. Good news because this will enable VOG to grow the business, expand the plant and increase profitability and if it meant more demand for their gas then all the better. Still a big fan.
banjomick
- 01 Jun 2015 09:54
- 107 of 701
Translated by Google:
Cameroon: Eneo accuses a production deficit of 80 MW, following a "water crisis"
Friday, 29 May 2015
Despite the end of the dry season from the month of March, which period is generally characterized in Cameroon by the lower production of electricity, itself due to lower water levels in dams; several Cameroonian cities are regularly plunged into darkness these days. On 28 May 2015, for example, a whole section of the Cameroonian capital was private electricity all night. This May 29, 2015, there are still many households in the city of Yaoundé, which do not always have access to electricity.
In an official statement released by Eneo, the concessionaire of the public electricity service in the country, the company announced that Cameroon is currently facing a "water crisis". "Due to a severe depletion of stocks of water in our reservoirs dams, electrical service in our country is currently experiencing strong disturbances since May 23, 2015. Between April 23 and May 26, 2015, we recorded on the Sanaga (photo), an unusual deficit of one billion six hundred million cubic meters of water, compared to the same period last year (...) It will take 2 to 3 weeks to see the natural flow of the Sanaga return to normal and power our dams, "Eneo says.
Faced with this situation described as "critical", the "hydroelectric dams Songloulou and Edea (from which is supplied throughout the south of the country) are unable to guarantee a level of power that can meet the current demand for electricity . "Also, Eneo now he blames on the entire network, a production deficit of" 80 MW, especially at peak times ", we learn officially.
Energy Mix
This "water crisis" adds a new pearl in the string of inconveniences facing the electricity supply service in Cameroon. Babbling whose end had yet been announced by the government and the company's production and distribution of electricity, following the commissioning in 2013 of the Kribi gas plant, with a capacity of 216 MW. The April 28, 2015 in Douala, Eneo inaugurated a new 50 MW gas power plant capacity that officially corresponds to the level of annual deficit of the country but who obviously failed to Cameroon away from the darkness.
To recap, the Cameroon claims the 2nd hydropower potential in Africa South of the Sahara, behind DR Congo. But for several years, the country collapses under the weight of a production deficit, which made him lose half a point of economic growth each year, according to statistics from the Ministry of Economy.
Furthermore, the architecture of the energy mix of Cameroon reveals a predominance of hydroelectricity, which represents 73.3% of national production, against 25% for heat. Solar, wind and biomass (1%), despite the existing potential, remain the poor relations of the sector.
Brice R. Mbodiam
http://www.investiraucameroun.com/energie/2905-6394-cameroun-eneo-accuse-un-deficit-de-production-de-80-mw-suite-a-une-crise-hydraulique
Cameroon: Eneo accuses a production deficit of 80 MW, following a "water crisis"
Friday, 29 May 2015
Despite the end of the dry season from the month of March, which period is generally characterized in Cameroon by the lower production of electricity, itself due to lower water levels in dams; several Cameroonian cities are regularly plunged into darkness these days. On 28 May 2015, for example, a whole section of the Cameroonian capital was private electricity all night. This May 29, 2015, there are still many households in the city of Yaoundé, which do not always have access to electricity.
In an official statement released by Eneo, the concessionaire of the public electricity service in the country, the company announced that Cameroon is currently facing a "water crisis". "Due to a severe depletion of stocks of water in our reservoirs dams, electrical service in our country is currently experiencing strong disturbances since May 23, 2015. Between April 23 and May 26, 2015, we recorded on the Sanaga (photo), an unusual deficit of one billion six hundred million cubic meters of water, compared to the same period last year (...) It will take 2 to 3 weeks to see the natural flow of the Sanaga return to normal and power our dams, "Eneo says.
Faced with this situation described as "critical", the "hydroelectric dams Songloulou and Edea (from which is supplied throughout the south of the country) are unable to guarantee a level of power that can meet the current demand for electricity . "Also, Eneo now he blames on the entire network, a production deficit of" 80 MW, especially at peak times ", we learn officially.
Energy Mix
This "water crisis" adds a new pearl in the string of inconveniences facing the electricity supply service in Cameroon. Babbling whose end had yet been announced by the government and the company's production and distribution of electricity, following the commissioning in 2013 of the Kribi gas plant, with a capacity of 216 MW. The April 28, 2015 in Douala, Eneo inaugurated a new 50 MW gas power plant capacity that officially corresponds to the level of annual deficit of the country but who obviously failed to Cameroon away from the darkness.
To recap, the Cameroon claims the 2nd hydropower potential in Africa South of the Sahara, behind DR Congo. But for several years, the country collapses under the weight of a production deficit, which made him lose half a point of economic growth each year, according to statistics from the Ministry of Economy.
Furthermore, the architecture of the energy mix of Cameroon reveals a predominance of hydroelectricity, which represents 73.3% of national production, against 25% for heat. Solar, wind and biomass (1%), despite the existing potential, remain the poor relations of the sector.
Brice R. Mbodiam
http://www.investiraucameroun.com/energie/2905-6394-cameroun-eneo-accuse-un-deficit-de-production-de-80-mw-suite-a-une-crise-hydraulique
banjomick
- 01 Jun 2015 15:36
- 108 of 701
More coverage on last weeks news:
Victoria Oil & Gas buys Logbaba gas processing plant
Jun 1, 2015
By Amy McLellan
Victoria Oil & Gas has acquired the Logbaba gas processing plant, which processes and separates the output from its Logbaba gas-condensate field in Cameroon, for US$2.578 million. The AIM-quoted gas company funded the purchase from cash flows from its growing gas production and distribution business: the condensate is sold to a local refinery and clean natural gas is distributed to customers through its 33 km pipeline network in the industrialised region of Douala.
Kevin Foo, executive chairman of GDC, VOG’s 100 per cent owned subsidiary in the country, said the purchased was a “key milestone” that will bring “significant cost savings”. He added that the company was now evaluating options to expand the plant.
Analysts at SP Angel Corporate Finance welcomed the deal as a “solid step forwards, and one that provides an increasingly stable and solid platform from which to continue to build its business”.
Certainly the company is on a roll. After a number of slow years as it battled the realities of building a gas-based infrastructure from scratch in Cameroon, momentum has been building.
Its gas offers heavy end-users a more reliable, cheaper and cleaner source of energy than the alternatives, such as expensive heavy fuel oil or seasonal hydroelectricity. It now pipes gas to industrial customers and is also delivering on a 50 MW gas-to-power deal with local partners, a deal that Foo rightly called “game-changing”.
That deal, signed at the end of 2014, saw VOG commit to supply gas to generate 50 MW, which draws on 10.1 million cf/d of gas, of which the minimum take or pay component is 90 per cent in the dry season and 30 per cent in the wet season. Since the 50 MW came online last month, production from the field has averaged 14.5 million cf/d, with a daily peak of 15.3 million cf/d. Under the terms of the contract, the gas sells at a fixed price of US$9/mmbtu.
Foo pointed out it had taken less than four months to get from contract signing to delivery of 50MW to the grid. “Average production levels have risen to 14.5 million cf/d, three times higher than levels at the end of 2014, which underlines this transformational agreement for VOG and give us confidence GDC can meet its average production target of 10.4 million cf/d for calendar year 2015,” he said.
As this starts to yield positive cash flows, boosted by the cost savings yielded by the acquisition of the processing plant, it is clear that 2015 is shaping up to be a very significant year for the AIM company. An interesting year ahead.
Victoria Oil & Gas buys Logbaba gas processing plant
Jun 1, 2015
By Amy McLellan
Victoria Oil & Gas has acquired the Logbaba gas processing plant, which processes and separates the output from its Logbaba gas-condensate field in Cameroon, for US$2.578 million. The AIM-quoted gas company funded the purchase from cash flows from its growing gas production and distribution business: the condensate is sold to a local refinery and clean natural gas is distributed to customers through its 33 km pipeline network in the industrialised region of Douala.
Kevin Foo, executive chairman of GDC, VOG’s 100 per cent owned subsidiary in the country, said the purchased was a “key milestone” that will bring “significant cost savings”. He added that the company was now evaluating options to expand the plant.
Analysts at SP Angel Corporate Finance welcomed the deal as a “solid step forwards, and one that provides an increasingly stable and solid platform from which to continue to build its business”.
Certainly the company is on a roll. After a number of slow years as it battled the realities of building a gas-based infrastructure from scratch in Cameroon, momentum has been building.
Its gas offers heavy end-users a more reliable, cheaper and cleaner source of energy than the alternatives, such as expensive heavy fuel oil or seasonal hydroelectricity. It now pipes gas to industrial customers and is also delivering on a 50 MW gas-to-power deal with local partners, a deal that Foo rightly called “game-changing”.
That deal, signed at the end of 2014, saw VOG commit to supply gas to generate 50 MW, which draws on 10.1 million cf/d of gas, of which the minimum take or pay component is 90 per cent in the dry season and 30 per cent in the wet season. Since the 50 MW came online last month, production from the field has averaged 14.5 million cf/d, with a daily peak of 15.3 million cf/d. Under the terms of the contract, the gas sells at a fixed price of US$9/mmbtu.
Foo pointed out it had taken less than four months to get from contract signing to delivery of 50MW to the grid. “Average production levels have risen to 14.5 million cf/d, three times higher than levels at the end of 2014, which underlines this transformational agreement for VOG and give us confidence GDC can meet its average production target of 10.4 million cf/d for calendar year 2015,” he said.
As this starts to yield positive cash flows, boosted by the cost savings yielded by the acquisition of the processing plant, it is clear that 2015 is shaping up to be a very significant year for the AIM company. An interesting year ahead.
banjomick
- 03 Jun 2015 11:20
- 109 of 701
Information relating to one of VOG's customers:
CHOCOCAM – Thermal Gas Supply
Chocolaterie du Cameroun (CHOCOCAM) is a Cameroonian subsidiary of Tiger Brands Limited, a Top 40 JSE listed company whose footprint extends across the African continent and beyond. It has been one of the largest manufacturers and marketers of FMCG products in Southern Africa for several decades. The team at Gaz du Cameroun worked extensively with Chococam to assess the potential savings for the client and ensure a rapid conversion to gas supply from Heavy Fuel Oil.
http://www.victoriaoilandgas.com/gaz-du-cameroun/case-studies?page=3
CHOCOCAM – Thermal Gas Supply
Chocolaterie du Cameroun (CHOCOCAM) is a Cameroonian subsidiary of Tiger Brands Limited, a Top 40 JSE listed company whose footprint extends across the African continent and beyond. It has been one of the largest manufacturers and marketers of FMCG products in Southern Africa for several decades. The team at Gaz du Cameroun worked extensively with Chococam to assess the potential savings for the client and ensure a rapid conversion to gas supply from Heavy Fuel Oil.
http://www.victoriaoilandgas.com/gaz-du-cameroun/case-studies?page=3
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