The problem is that the rate at which Bowleven is using cash will see it run out “most likely before summer 2024”.
Perenco has signed a deal to buy the Etinde stake held by New Age (African Global Energy) for an undisclosed amount, junior partner in the project Bowleven has said.
Bowleven has warned that the final investment decision (FID) for Etinde is expected in late 2022 but that it will need to raise financing.
Partners on Cameroon’s Etinde have warned that costs to develop would be much higher than initially thought and exports via Equatorial Guinea may be the answer.
New Age (African Global Energy) expects to bring on its Etinde gas project, in Cameroon, and Marine III, off Congo Brazzaville, in 2024.
A final investment decision for the Etinde project in Cameroon has slipped once more, with Bowleven now tipping 2022.
As with the global industry, African exploration and production plans hit the COVID-19 and oil price-crash roadblock.
A final investment decision (FID) on Cameroon’s Etinde project is now expected in mid-2021, junior partner in the venture Bowleven has reported.
TechnipFMC has won lead front-end engineering design (FEED) work on the development of the IM gas condensate field, offshore Cameroon, Bowleven has reported.
Partners in Cameroon’s Etinde project have signed a non-binding letter of intent (LoI) to supply gas to Victoria Oil & Gas, which is facing a tough time with some of its onshore operations.
Bowleven has taken an impairment charge of $62 million on its Etinde asset in Cameroon as plans have slipped.
The drilling of two appraisal wells will start soon on the Etinde field in Cameroon, a project partner said today.