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Victoria Oil sees minimal oil price impact

Published: 08:55 20 Jan 2016 GMT

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The facility at Douala, Cameroon

Cameroon-based gas supplier Victoria Oil & Gas (LON:VOG) saw volumes jump by three-quarters in its latest quarter as supply deals with local businesses and power group ENEO ramped up.

The group supplied 7.1mmscf (mln cubic feet) per day from the Logbaba field in the three months to December, compared to 4.1mln a year earlier.

The seasonal influence on demand in Cameroon, where the wet season sees demand rise for hydroelectric power, meant production was lower than the previous quarter’s 8.2mln cf.

All told, Victoria produced 625.6mln cubic feet in the fourth quarter generating revenues of US$7.6mln and boosting its net cash position to US$5.9mln.

Full year sales totalled 2.87bn cf.

Victoria said there had been a minimal impact from weak oil prices on gas tariffs or customers changing back to oil. 

Its local subsidiary Gaz Du Cameroun currently receives between US$9 to US$16 per mmbtu or a weighted average price of more than $60/per barrel equivalent. 

Production had now picked up again with the advent of the new dry season, it added, and ran at an average of 15.3mln cubic feet daily over the past two weeks.

Ahmet Dik, chief executive, said Victoria had put in a strong production performance compared to the previous year. 

“Looking ahead to 2016, our focus is on increasing capacity to service a larger, more diversified customer base."

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