DOUALA, CAMEROON, AFRICA, NOVEMBER 2010 (NEWS.CAMEROON-TODAY.COM) - Victoria Oil & Gas expect to commence sale of LIQUEFIED NATURAL GAS (LNG) from the first quarter of 2011.
Oil and gas Plant
A representative of VICTORIA Oil & Gas one of the leading suppliers of Oil and Gas with operations all across Africa corroborated the forecasts with members of the press today that it expects to deliver the first sale of gas from its LNG plant in Logbaba during the first quarter of 2011.
The company stated that it was in a long wiat for the relevant licenses from the Cameroonian Government which would enable it to gain the authority to exploit the vast Liquified and Natural Gas resources of the country and permission to transport the refined gas across the country domestically and said that though it is still awaiting the licenses it is confident of securing them.
“A project delay is anticipated whilst the State Hydrocarbons Corporation, the Ministry of Mines and Technology and the Presidential Office undertake various levels of due diligence before these permits can be issued,” chairman Kevin Foo said.
“It must be remembered that this will be the first such licence issued in Cameroon.
“However, we remain confident that these permits are imminent and that Victoria has fully complied with and satisfied all requests to date.”
The latests set of forecass and future plans were revelaed by the chairman as he announced the results for the corporation for the year to the end of May. The latest numbers were a bit more promising than the last times since their losses had been trimmed down to US$6.1 million from US$43.4 million the previous year. The company has US6.03 million worth of cash, while its assets have increased to US$145.7 million from US$84.6 million.
Foo sounded truly excited as he revealed the results for the year and said that the year 2010 had shown a lot of promise and had definitely given the corporation the much needed makeover. He was highly optimistic of the fact that the first sale of LNG from the Logbaba project would immediately convert Victoria Oil & Gas into a profit making venture and this project meant a lot to them in terms of what it had to offer both technically and financially.
Elsewhere, the group has completed a winter road to the West Medvezhye project in Russia where it has also carried out passive seismic and geochemical studies.
“Initial indications are highly encouraging with three further prospects identified,” Foo said.
“The company plans to drill two more wells by 2012. Victoria is actively evaluating all of its options concerning the future development of West Med.”
In Kazakhstan the company is still very much in the midst of a legal battle against the government following a move from the government to revoke one of the licenses for their plant in Kemerkol.
“(We) still remain hopeful of a positive outcome but Kemerkol’s long-term economic importance within Victoria’s overall portfolio of assets has been minimised,” Foo added.
Victoria Oil & Gas is a fast growing name in the domain of oil and gas exploration and production. The company currently has numerous ongoing projects in Africa and the FSU. The Company’s core assets include the 60% stake that they hold in the Logbaba gas and condensate project in Cameroon and the full control of the West Medvezhye gas field in Siberia, Russia.
Logbaba is located in Douala, the economic capital of Cameroon and the company following an intial exploration of the territory had indicated that the region showed great promise in terms of its yield. West Medvezhye is located in the high profile Yamal-Nenetsk hydrocarbon region in Siberia.
