Bolongo Block Exploitation: Cameroon and Octavia Energy Sign $41 Million Production Sharing Contract
The agreement signed on August 14, 2026, in Yaounde under the presidency of Fuh Calistus Gentry, Acting Minister of Mines, in the presence of the National Hydrocarbons Corporation and Octavia Energy Corporation Limited executives, grants the local subsidiary of the British company the right to explore and exploit hydrocarbons in the Bolongo block.
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The exploration area covers 381.56 square kilometers in the waters of the Rio del Rey submarine basin. The work program spans a maximum of 7 years, with a fixed global financial commitment of $41 million, approximately 23.3 billion FCFA. The first three-year phase is dedicated to reinterpreting existing seismic data and geophysical reanalysis, followed by the successive drilling of two exploration wells over two additional two-year periods.
The launch of drilling campaigns in the high seas will boost local industrial subcontracting in coastal logistics bases. The influx of private international investments will alleviate the public budget of financial risks associated with geological research. The updating of seismic models will increase the accuracy of maps of Gulf of Guinea deposits.
The development of new hydrocarbon reserves will counter the natural decline in production from mature fields. Future consolidated petroleum royalties will support the state's budget revenues in the medium term. The intensification of offshore drilling operations will strengthen the technical expertise of national engineers in the extractive sector.
Asaba
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