Independent hydrocarbon producer, Perenco, has signed a new 20-year production sharing contract with Cameroon’s National Oil Company, Société Nationale des Hydrocarbures (SNH), for the continued development of the Rio del Rey Basin, offshore Cameroon.
Accounting for approximately 70% of Cameroon’s oil production, the Rio del Rey Basin has been operated by Perenco for over a decade. Having come onstream over 45 years ago, the Basin has maintained an average production of approximately 35,000 barrels per day (bpd), with a 2016 peak production rate of 65,000 bpd.
“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,” stated the CEO of the producer’s Cameroonian subsidiary, Perenco Rio del Rey, Armel Simondin.
In 2021, Perenco expanded its presence in Cameroon, acquiring all participating interest and operatorship of the Etinde conventional gas development permit to redevelop existing infrastructure to stabilize and sustain production from the Rio del Rey Basin.