Cameroon’s state-owned oil company National Hydrocarbons Corporation (SNH) and independent oil and gas company Perenco are to acquire a floating crude oil storage and loading facility after signing a purchase agreement.
The Massango terminal is located in Cameroon’s Rio del Rey basin, and the two companies hope to have purchased it by November this year.
With a 1.87 million barrel storage capacity, the terminal will replace two existing, older terminals which are to be taken out of service in December.
In June, the two companies established Cameroon Oil Terminal S.A. to run the facility. Perenco owns 51% of the company and SNH owns 44%. The remaining 5% of the shares are owned by SNH’s new partner, Two Square Shipping.
The new terminal is strategically located, according to SNH MD-general Adolphe Moudiki, as 90% of Cameroon’s crude oil is currently produced in the Rio de Rey basin.