Victoria Oil & Gas Plc was listed on the AIM Stock Exchange in July 2004 with the strategy of utilising its business experience and technical knowledge to identify, acquire and exploit oil and gas opportunities in the FSU. Following a major investment in January 2008 by a consortium of Middle-Eastern investors through Noor Petroleum Limited, the Company will be assisted in its development programmes by Blackwatch Petroleum Services Limited and GeoDynamics Research s.r.l.
Victoria Oil & Gas Plc (“VOG” or 'Victoria' or 'The Company') is an energy utility and hydrocarbon developer with flagship assets in Cameroon.
From gas production wells located in the port-city of Douala our gas utility subsidiary, Gaz du Cameroun S. A. ('GDC'), supplies energy products to major industries in the region. Customers are primarily supplied with gas though an extensive pipeline network built by GDC throughout the Douala. GDC products include thermal gas, condensate and electricity generation. Victoria has invested over $111 million into the Logbaba project including on two wells, production facilities and pipeline.
The Company primarily supplies major industrial customers include Guinness, Dangote Cement, SATC and CAMLAIT. In Q1 2014 GDC also signed an agreement with national power provider ACTIS Sonel to work towards replacing Heavy Fuel Oil ('HFO') usage with gas, at power stations in the area. Cameroon grid supply is powered through hydroelectricity and black and brown outs occur frequently throughout drier periods.
GDC is also in discussion with partners to develop a compressed natural gas business ('CNG') to expand our energy products reach.
Victoria is proud to have worked closely with the Government and people of Cameroon to develop a strategic energy source for domestic power supply, that can help unlock the country's economic potential. We have developed a real energy business from Africa, for businesses in Africa.
The Company also holds 100% of the West Medvezhye oil and gas project in Siberia.
Victoria is subject to best practice standards and extensive regulations, which govern environmental protection. The Company is committed to uphold these standards and regulations as a minimum and to keep these important matters under continuous review. The Company works towards positive and constructive relationships with government, neighbours and the public, ensuring fair treatment of those affected by the Company’s operations. The Company aims to minimise the use of natural resources, such as energy and water and to provide employees with a healthy and safe working environment.
We are actively involved in local cultures and surroundings wherever Victoria can make a positive impact and effect enduring change.
Our goals are :
- To make a positive contribution to local communities
- To respect different cultures and the rights of individuals
- To promote and maintain honesty, integrity & high ethical standards
Victoria personnel must be committed to achieving these goals.
- Managers are responsible and accountable for upholding our Social Responsibility Policy
- All Victoria and contractor personnel must consider Social Responsibility in all their activities and intervene when these goals are compromised.
To ensure compliance with our Social Responsibility Policy we must :
- Comply with the laws of the host country
- Ensure that all staff and contractors are aware of Victoria's commitment to Social Responsibility
- Maintain high ethical standards throughout all interactions with local communities
- Communicate Victoria’s activities with the local communities taking into account local customs
- Identify, in partnership with local communities, social projects where Victoria can make a positive contribution
VOG has created an energy utility business that manages all gas supply stages from extraction to customer connection. The Company has onshore gas reservoirs in Cameroon to provide the industrial region of Douala with cost effective, clean and reliable energy solutions.
Gaz du Cameroun: Current Products
GDC looks to maximise its gas production across a range of varied energy product types. With a significant central pipeline network established in Douala, GDC’s engineering teams help design and install any necessary conversion systems or power connections for new gas users.
Supplying customers gas for thermal use such as in boilers, process plants and furnaces. The core customers are those in medium to heavy industry and we currently have 23 customers consuming gas for thermal use.
Gas condensate, a by-product of the production of natural gas, is used as a cleaner and solvent, lantern and stove fuel and as a diluent in heavy oil production.Condensate can be taken by road tanker to various parts of the country. 13,221bbls were produced during the six months to 30 November 2014 (twelve months to 31 May 2014: 14,107bbls).
Gensets (gas-fired electricity generation)
Gas supplied to dedicated 0.5-3.0MW generators for customers’ factories and plants. We successfully installed the first 6 Gensets at 4 customer sites, resulting in an immediate increase in gas supply. GDC is looking to expand its gas-to-power business and develop the Genset model, sourcing units meeting specific customer needs.
Gaz du Cameroun: Future Products
The need for GDC gas in Cameroon is driven by high cost fuel sources such as HFO and a national deficit in power that leads to erratic electricity supply. GDC is working to develop new markets for its gas such as providing large scale supply to support the national power provider and through products that need low levels of infrastructure and capital expenditure, such as compressed natural gas. The strategy is to develop a broad spectrum of energy product types and markets.
Supplying the grid
With ENEO and the Cameroon Government, we aim to supply gas to Gensets at power stations in Douala. We ensure security of supply and have capacity to become the supplier to three power stations in Douala. Initial planned peak output from the first two of these stations is 50MW.
Compressed natural gas (“CNG”)
We are currently evaluating a CNG project where CNG is transported by road tanker from a compressor station to customers without the capital-intensive requirement of a pipeline. CNG enables gas to be sold economically to businesses via a “virtual pipeline” within a 200km radius of the operations.