Cameroon-based gas supplier Victoria Oil & Gas said there had been minimal impact from weak oil prices or customers changing back to oil..
Its local subsidiary Gaz du Cameroun has maintained customers at contracted prices which are not tied to oil and despite the large drop in the oil price both internationally and locally. GDC maintained its selling price for gas which ranged between $9 to $16 per mmbtu or a weighted average price of more than $60 barrel of oil equivalent.
The gas provider saw volumes jump in the final quarter of 2015 as it cemented its supply deal with power supplier ENEO.
The group supplied 7.1mmscf (mln cubic feet) per day from the Logbaba field in the three months to December, compared to 4.1mln the previous year. Full year sales totalled 2.87billion cf.
Cameroon’s wet season saw demand rise for hydroelectric power resulting in lower production than the previous quarter but was expected to increase again once the dry season begins in 2016.
Victoria generated revenues of $7.6million.
Chief executive Ahmet Dik said: “Our business continues to prove its resilience despite a challenging macro environment, delivering another strong production performance when set against the comparative period last year.”