Perenco, an independent hydrocarbon producer, has recently signed a new 20-year production sharing contract with Cameroon’s National Oil Company, Société Nationale des Hydrocarbures (SNH).
The contract is aimed at continuing the development of the Rio del Rey Basin, located offshore Cameroon. The Rio del Rey Basin accounts for about 70% of Cameroon’s oil production and has been operated by Perenco for over ten years.
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Rio del Rey Basin
The Rio del Rey Basin has been in operation for more than 45 years and has maintained an average production rate of approximately 35,000 barrels per day (bpd). Its peak production rate was recorded in 2016 at 65,000 bpd. With the signing of the new contract, Perenco aims to create a solid foundation for various initiatives, including the modernization of facilities, emission reduction, exploration activities, seizing new opportunities, developing satellite projects, and supporting Cameroon in meeting its future energy challenges.
Perenco expanded its presence in Cameroon in 2021 by acquiring all participating interests and operatorship of the Etinde conventional gas development permit. This acquisition was made to redevelop existing infrastructure and ensure the stabilization and sustainability of production from the Rio del Rey Basin.
The CEO of Perenco’s Cameroonian subsidiary, Perenco Rio del Rey, Armel Simondin, expressed his enthusiasm for the new contract, emphasizing the company’s commitment to modernization, environmental responsibility, and supporting Cameroon’s energy goals.
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