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Glencore discovers new Cameroon oil well

BY EMMANUAL TUMANJONG

YAOUNDE, Cameroon--Glencore Exploration Cameroon Ltd., the local unit of London listed commodities trader Glencore International PLC, said it has discovered oil in a new well being drilled in Cameroon' s southwestern oil basin of Rio del Rey, adjacent to Nigeria' s oil-rich Niger Delta.

"The oil flowed [from Oak-1X] at extremely good rates during the sampling, indicating high quality server and good quality oil," said a joint statement by Alan Johnson, general manager of Glencore, and Adolphe Moudiki, executive general manager of the state-run National Hydrocarbons Corporation.

The statement said Glencore will drill further wells in the area during 2013 "to appraise and test adjacent spruces".

In the first week of October, Chinese firm Addax Petroleum Corp., which is a wholly-owned subsidiary of Sinopec Corp., announced that it has discovered new off shore oil and gas reserves in Bakassi, located in the southwest of Cameroon.

Dow Jones Newswires

11/13/2012

 

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