O&G Exhibition in Africa O&G and P&E Exhibitions in Africa P&E Exhibition in Africa
Back To Home

Victoria Oil & Gas secures USD$26mn debt facility to support Logbaba expansion

Victoria Oil & Gas (VOG) has announced that its wholly-owned subsidiary Gaz du Cameroun SA (GDC) will provide a US$26m debt facility to support plant expansion at Logbaba

The debt facility has been secured with BGFIBank Cameroon SA. GDC has a well-established banking relationship with BGFIBank, and this new facility extends the existing loan of US$4.4mn. VOG aims to avoid recourse to equity markets, while ensuring gearing is restricted to appropriate levels as the company continues to build value.

VOG will also increase gas production in the Logbaba project by 30 per cent during 2016, following the 107 per cent increase in average daily production achieved in 2015.

The key elements of GDC’s expansion programme to meet the Cameroon market’s demand for gas are to drill one twin well and one step out well at the Logbaba plant site with the objective of increasing production reserves, to extend the Bonaberi pipeline to customers with gas service agreements in place and to increase gas processing plant capacity in three phases to handle expected increased gas flow from wells.

VOG also aims to fund the Logbaba development through operating revenues and capital contributions from GDC and RSM Production Corporation, its 40 per cent partner.

Source : www.oilreviewafrica.com
Posted On: 4/23/2016 12:00:00 AM

Exhibitions in Africa

Advertisements

Place Your Add here
gautamsolar
geothermal_association
tcpak.com
INMESOL POWER SOLUTIONS
Oilserv Limited
POWERSPOT
cargostore.com
Energy environment Engineering

Support

Ask your questions by e-mail: here

OGPE Africa

© 2014-2024 | OGPEAfrica © All rights Reserved
Sitemap | Imp_Links | Media Partners

OGPE AFRICA is an industry leading and most reliable directory, news and trade fair information website for power, energy, oil, gas, coal, nuclear, wind, hydropower and solar sector in Africa. OGPE Africa helps you find suppliers, contract tenders, importers, exporters, buyers, sellers, distributers and manufacturers of petroleum and fuel products, connected plant, distributed energy, pipeline and drilling equipment, power plants equipments, oil well equipment, emergency equipment and vehicles, drilling tools & cables, wires, transformers across Africa in Kenya, Uganda, Tanzania, Nigeria, Ghana, South Africa, Ethiopia, Egypt, Mozambique, Zambia, Zimbabwe, Angola, Morocco, Senegal, Rwanda, Congo.

Get In Touch