Victoria Oil & Gas Share Discussion Threads

[highasakite] 10/1/2018 14:50

When the ENEO deal is resolved as it will shortly I expect an RNS saying ENEO resume taking gas at $7.5 on a 5 year contract for 100Mw power.

[jam2day] 10/1/2018 13:23

This will explains it all do watch it.I think VOG may supply the propellent in the can!
hxxp://coolmaterial.com/link-roundup/the-specsavers-effect/

[highasakite] 10/1/2018 13:16

do specsavers branches in the UK consume gas from GDC in Cameroon ?

[jam2day] 10/1/2018 13:10

Specsavers it would seem!

Specsavers - who by the way are a privately owned company so his quoted shares may have some value!!

[highasakite] 10/1/2018 13:01

harold

what on earth are u babbling on about man ?

[haroldthegreat] 10/1/2018 12:57

I have had the shares for years and they were not purchased recently.

[highasakite] 10/1/2018 12:33

I don't know wether the trades at 38p are buys or sells.

Here come more monster trades.

[philippem] 10/1/2018 12:25

Big buy coming through. Some news soon.

[fatnacker] 10/1/2018 10:05

But you invested anyway.

[larry laffer] 10/1/2018 09:20

Now might be a good time to get the toerags that lost the perforating gun to fish it out of the pipe.

after all we aint selling any gas to eneo, so we can't possibly need the well in production for the dry season LOL

[fatnacker] 10/1/2018 09:09

Harrold you should've gone to specsavers

[haroldthegreat] 10/1/2018 08:50

So it was stated these were only a temporary solution.shame the posters on this board didn't pick up on that. Perhaps someone did and I failed to pick up on it ? I hope we are being paid on time by the other customers !!!!!!

[temmujin] 09/1/2018 22:42

come on MR FOO get your bloody act together..its not rocket science..europe needs gas and it only takes 11 days to ship from cameroon!

Cameroon enjoys a geographical advantage in the European market. It takes about 11 days to ship a cargo to Britain, while a tanker from Qatar, Europe’s biggest supplier of LNG, takes about two weeks. Saving a few days may prove crucial during freezing weather or a sudden supply crisis -- a growing risk as the region’s own gas infrastructure ages and becomes vulnerable to breakdown.

[temmujin] 09/1/2018 22:23

Photographer: Luke Sharrett/Bloomberg
New Africa Gas Comes at the Right Time for Europe
By Angelina Rascouet and Anna Shiryaevskaya
15 December 2017, 00:01 GMT Updated on 15 December 2017, 12:05 GMT
Cameroon is said to start exports of LNG in February next year
Shipments could help ease Europe’s supply squeeze over winter
A week ago, Cameroon was getting ready to jostle for space in a global liquefied natural gas market already crowded with new supplies from the U.S. and Russia. Now the extra output couldn’t come at a better time.

France’s Perenco SA and U.S.-traded Golar LNG Ltd. will start shipments from their $1.2 billion LNG project off Cameroon in February, according to people familiar with the plans. That’ll be just in time for a surge of almost a third in European imports, according to consultants Energy Aspects Ltd., after a cold snap and disruptions at supply hubs in Austria, the U.K. and Norway sent gas prices to a four-year high.

“It’s good to see a new African exporter coming into the market,” Trevor Sikorski, head of natural gas and carbon research at Energy Aspects, said by phone. “An obvious market is Europe, particularly when the markets can be a bit stressed.”

Cameroon enjoys a geographical advantage in the European market. It takes about 11 days to ship a cargo to Britain, while a tanker from Qatar, Europe’s biggest supplier of LNG, takes about two weeks. Saving a few days may prove crucial during freezing weather or a sudden supply crisis -- a growing risk as the region’s own gas infrastructure ages and becomes vulnerable to breakdown.

Floating Facilities
The Cameroon project -- named Hilli Episeyo after its production vessel -- is only the second floating LNG facility to come into production worldwide, after Malaysia launched a vessel last year. While the latter was built from scratch, the Cameroon unit is a converted LNG tanker. Its success could trigger more investments in the technology, potentially helping companies such as Ophir Energy Plc, which needs funds for a project off Equatorial Guinea.

“Once this project demonstrates its technical, operational and commercial viability, smaller E&P companies and funding sources should become more willing to develop and finance such projects,” said Claudio Steuer, senior visiting research fellow at the Oxford Institute for Energy Studies.

The recent price jump on the continent has made northwest Europe a more attractive destination for tankers carrying the super-chilled fuel. The U.K. is now set to take the first LNG from Russia’s Yamal project, rather than Asia as initially expected. The $27 billion plant in northern Siberia started production earlier this month, while Cove Point in Maryland is readying for operations too.

The premium for LNG supplies into northeast Asia, the biggest buyer, over southwestern Europe narrowed to $0.80 per million British thermal units this week from as high as $2 in October, according to prices published by World Gas Intelligence.

Net Exporter

Russia’s Gazprom PJSC has an eight-year contract to sell Hilli Episeyo’s LNG. While the project is reasonably small -- 2.4 million tons a year compared with 5.5 million tons from Yamal’s first of three planned units -- it will make Cameroon a net gas exporter and the sixth African nation to supply LNG. Neighboring Nigeria is the biggest, while Angola, Algeria, Equatorial Guinea and Egypt also produce the fuel.

Perenco declined to comment, while Golar LNG didn’t return calls. Gazprom’s marketing and trading unit in London declined to comment. The unit chartered LNG vessel Clean Energy to help transport Cameroon’s volumes.


LNG projects such as Hilli Episeyo, while small, could be vital for meeting accelerating demand, according to OIES’s Steuer.

“Demand for LNG is growing three times faster than pipeline gas,” he said by email. “The industry needs a technically and economically feasible solution for smaller-capacity projects.”

Ship tracker Pan Eurasian Enterprises Inc. agrees, saying all extra production capacity will help to feed expanding need, especially in Europe.

For consumers on the continent, the Cameroon supply “won’t be a game changer,” Pan Eurasian President Zach Allen said. “But every little bit adds up.”

[highasakite] 09/1/2018 21:43

Cameroon Minister and Altaaqa Global Inaugurate Gas Power Plants
Written by Kenya Engineer
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Altaaqa Global's temporary natural gas power plants, with a joint capacity of 50 MW, recently inaugurated at the Logbaba power plant site in Douala, Cameroon. The ceremony was attended by Dr Atangana Kouna Basile, Minister of Water Resources and Energy of Cameroon; members of the government; and senior executives from Eneo Cameroon S.A., the country's integrated utility company, and Gaz du Cameroun (GDC), a wholly owned subsidiary of Victoria Oil & Gas (VOG). The rental gas power plants were installed and commissioned within 21 days from the time the equipment arrived at the intended power plant sites.

Collaborative business model

The successful completion of the temporary gas power plants stands as a testament to the viability of a business model featuring a synergy among the government, the utility company, the fuel supplier and the equipment provider. In this particular project, with the Cameroonian government and Eneo as clients, Altaaqa Global provided the power generation equipment, and took the responsibility of importing and installing the generators at the Logbaba and Ndokoti (Bassa) sites, while GDC supplied the gas to the rental gas power stations at both the sites.

Against this backdrop, Peter den Boogert, CEO of Altaaqa Global, said, "We are very proud to have been involved in this project, and to have collaborated with Cameroon's government, Eneo and GDC. Altaaqa Global is greatly honored to have contributed to Cameroon's national energy strategy and to have had the chance to promote the greater good of the Cameroonian nation. The success of this project proves that through the synergy among entities that put service and integrity above themselves, anything can be achieved. Here, we have witnessed that the sum of all of us is greater than each of us."

The business model also proved to be economically beneficial to the service providers, with Kevin Foo, CEO of VOG, even calling it a true game-changer. "[Through the agreement with Eneo] We have secured a major near-term user of gas for our Cameroon business," he continued, "and we are now becoming an active part of Cameroon's energy equation."



Environmentally friendly technology

In addition to the collaborative business model that led to its successful completion, the project also boasts of its environmental stewardship, with the power plants being run on natural gas.

Altaaqa Global installed state-of-the-art gas engine generators at both sites to ensure that the power plants are not only dependable but also environmentally friendly. In recognition of the worldwide emission requirements, which mandate the level of NOx emissions of equipment and industrial operations, Altaaqa Global engineered its gas generators to only emit 250 mg/Nm3 even without after-treatment.

Majid Zahid, Strategic Accounts Director of Altaaqa Global, speaking on the sustainability of the project, said, "Our temporary gas power plants systems meet the worldwide emissions standards and do not harm the environment. These rental gas plants are designed for performance and reliability, while being more environmentally friendly compared to systems running on other fuels. As the generators run on natural gas, they do not require expensive after-treatments and are, therefore, more economical to operate owing to more cost-effective fuel prices." He added that gas systems were more flexible in fuel usage and would remain efficient even with different fuel varieties.



Cameroon's road to economic development

Electricity is vital in ensuring the continuous development of economies and industries, most especially in emerging countries like Cameroon. With the successful completion of the temporary gas power plants, the entire Cameroon will be provided with a reliable and sustainable source of electricity that will power the country as it works to enhance its infrastructure and construct additional facilities to support its industries.

In this context, Joel Nana Kontchou, CEO of Eneo, said, "This project addresses a shortage in the country's electricity supply, owing to a strong increase in demand, combined with a lack of a reserve in the electric system. We are pleased to work with GDC and Altaaqa, companies that share our deep commitment to responding to Cameroon's critical infrastructure needs."

Cameroon's economy has weathered the drop in prices among its principal exports - petroleum, cocoa, coffee and cotton - and has remained largely stable in recent years. In 2013, its GDP growth reached 4.9%, and experts predict that it will remain within that level through 2015, riding on strong performances by the construction, oil & gas, transport, telecommunication and hospitality sectors. Cameroon's government has been working to promote growth and employment in the country through the continuous development of energy, transportation and telecommunications infrastructure. It is also keen on modernizing the country's production equipment and processes, particularly in the agricultural and manufacturing sectors.

[highasakite] 09/1/2018 20:36

cliffo2

I think you have missed the point entirely.

The issue is not about price.

It's about ENEO being skint coz Cameroon government are not paying them.

[dan de lion] 09/1/2018 19:21

After the mention of the 30mw output from the Lom Pangar dam replacing VOG, I don`t think that they have the transmission capability to get this power to Douala.

[cliffo2] 09/1/2018 18:42

The government wants cheap gas power.
VOG don't want to sell them the gas cheap.
It's a face-off!

[highasakite] 09/1/2018 18:08

“ENEO is actively discussing potential solutions to this situation with the Government of Cameroon and the Power Regulator in Cameroon,” VOG explained.

“VOG believes this is a temporary issue and expects a resolution in the short to medium term.”

“We remain confident that ENEO and the Government will rapidly find a solution that will allow GDC to continue to supply gas to ENEO and to build on the relationships we have developed with all stakeholders over the past three years.”

[highasakite] 09/1/2018 17:11

10 million shares traded in 2 days.

[dan de lion] 09/1/2018 17:07

They really need VOG`s gas during the dry season, plus it is forecast that demand for power in Cameroon will grow faster than supply.

[dan de lion] 09/1/2018 16:56

From the World Bank:-

This heavy dependence on hydro (and one river system) puts Cameroon at great risk for economic disruptions caused by droughts. In 2002, low rainfall resulted in blackouts during the dry season that drove up unemployment and business costs. Electricity generation has been further hampered by reservoir sedimentation and poor maintenance of the dams. But the government appears set on further exploiting hydropower rather than diversifying its energy resources (see section 9). Cameroon's President has reportedly signed a financial agreement with the China International Water and Electrical Corporation (CWE) to assist in building three hydropower dams in Cameroon.ix

[highasakite] 09/1/2018 16:56

waterloo01

Again I ask where does the VOG RNS update suggest the power deal is as good as dead ?

It doesn't at all.

They also did use the word "hope" as you said they used.

Why lie ?

This what they said:

Ahmet Dik, CEO of VOG commented, “Cameroon has a very important industrial hub in Douala that has seen significant growth and cross border investment over the last five years, both into manufacturing and the power sector.

We remain confident that ENEO and the Government will rapidly find a solution that will allow GDC to continue to supply gas to ENEO and to build on the relationships we have developed with all stakeholders over the past three years.