TradeInvest Africa (Cape Town)
8 July 2009
Oil firms Petronas and Noble Energy have signed an exploration deal with Cameroon's sate oil firm, reports Engineering News.
The US$119 million deal gives Petronas and Noble exploration rights to the area off Cameroon's main port of Douala for the next seven years. The area has an estimated reserve of between 40 million and 70 million barrels. Cameroon currently produces 85 000 barrels per day.
If commercially exploitable reserves are discovered, Cameroon will take a 25% stake in the project.
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