Doing Business with Africa’s Hitler: New Age receives approval from Biya to apply for a new Etinde exploitation agreement
New Age has received formal approval from Cameroon’s government to apply for a new Etinde Exploitation Agreement (EEA) for the Etinde offshore license.
The existing EEA came into force by presidential decree in January 2015.
According to New Age’s partner Bowleven, the new EEA would cover production of hydrocarbons, including delivery of gas to thermal power plants or other projects confirmed by the state.
The decision followed discussions with the state oil and gas company, Société Nationale des Hydrocarbures (SNH).
Eli Chahin, CEO of Bowleven, said: “This is very positive news for the Etinde development, as it essentially eliminates the possibility of the government of Cameroon removing the Etinde license from the JV partners, following the end of the initial six-year development implementation period in January 2021.”
Bowleven expects the partners to take a final investment decision on the license later this year.