Perenco signs new 20-year PSC for Rio del Rey basin, offshore Cameroon
June 12, 2023
Perenco has signed a new 20-year production sharing contract with state Société Nationale des Hydrocarbures (SNH) for continued development of Rio del Rey basin, offshore Cameroon. Since acquiring Rio del Rey more than 10 years ago, Perenco has maintained average production of 35,000 bo/d, with peak production reaching 65,000 bo/d in 2016.
The company last year took steps to expand its presence in the basin, agreeing to acquire all participating interest and operatorship of the Etinde permit (OGJ Online, June 7, 2022). Etinde (former Block 7) lies in shallow water in Rio del Rey and comprises four proven reservoir intervals within the Pliocene and Miocene formations.
Rio del Rey accounts for about 70% of Cameroon's total crude oil production and first came onstream more than 45 years ago.
[CORRECTED to reflect still-pending nature of Etinde acquisition].
