Victoria Oil & Gas has announced the acquisition of Logbaba gas processing plant from Expro Worldwide in Cameroon
Operating through its 100 per cent owned subsidiary Gaz du Cameroun (GDC), the firm revealed last week that full payment had been made for the facility, using US$2.578mn generated from GDC operations.
The facility currently processes gas from GDC wells, producing condensate which is then sold on to a local refinery, as well as natural gas, which is distributed to customers via Douala’s 33 km pipeline network.
Kevin Foo, executive chairman of GDC, said, “The purchase of the Logbaba plant is a key milestone for GDC, bringing with it significant cost savings which will enable us to continue to grow the business and increase shareholder value.
“We are now evaluating options for the plant’s expansion and look forward to providing an update in due course.”
GDC added that it is evaluating proposals with specialist service companies, including Expro, for a long-term contract for the operation and maintenance of Logbaba plant.
