Cameroon firm secures FCFA 14 bln BGFI bank loan

The Cameroonian subsidiary of the International Gabonese and French Bank (BGFI) has granted a FCFA 14.3 billion loan to Cameroon’s Gas Society (GOC), owned by the British firm Victoria Oil & Gas (VOG), sources have disclosed.

Financial intervention by BGFI bank will also enable the GDC to extend its pipeline which is about to connect new companies, in addition to the twenty that the gas company is already supplying with industrial gases in the economic capital.

GDC will also embark on investments to increase its gas production in Logbaba in the suburbs of Douala in the Littoral region.

In addition to optimizing its gas production, which went up by 126 percent between November 2014 (3.91mmscf per day) and November 2015 (8.85 mmscf per day), according to GDC financial results, the oil and gas company intends to drill two new wells in late 2016.