Presentation on theme: "Exploring for Oil & Gas in Bakassi"— Presentation transcript:
1 Exploring for Oil & Gas in Bakassi UK-CameroonTrade and Investment ForumLondon, 7 May 2014
2 Dana at a glanceWe’re a $3bn oil and gas exploration and production company. Formed in 1994, Dana is now part of the Korea National Oil Corporation (KNOC).Our ambition is to become a leading international oil and gas company operating in Europe, Africa and the Middle East.We aim to grow production significantly by investing up to $5 billion over the next five years.
3 Where we work Mauritania Cameroon Guinea Norway 1,500 barrels We have interests in 13 exploration licences and are operator of threeUK 33,000 barrels Our UK portfolio consists of 28 operated and 47 non-operated licencesNetherlands 10,700 barrels We operate nine licenses including the De Ruyter, Hanze, Van Ghent and Van Nes fields, and have interests in 24 non-operated licences.Egypt 10,000 barrelsWe have a balanced portfolio of operated and non-operated developments in the Gulf of Suez, the Nile Delta and the Western Desert.MauritaniaWe operate Block 7 where we have made 4 discoveriesCameroonWe operate a Production Sharing Contract (PSC) in the Bakassi West blockGuineaWe have a 23% stake in a very large PSC located offshore Guinea.
4 Our activities in Cameroon Production Sharing Contract for Bakassi West signed in June 2012Co-venturers are Dana (55%), Madison (35%) and SoftRock (10%)Currently acquiring 350km of 2D seismic dataPlan to drill first exploration well in late 2015 or early 2016Will invest $50 to $80 million in Bakassi West in the period to 2016Insert more detailed location map hereBakassi Peninsula
5 Our activities in Cameroon Reconnaissance Seismic Survey layoutMangrove Environment
6 Operations in Bakassi Seismic base camps in Issobo fully operational BGP (seismic contractor) employing around 350 Cameroonian nationals; around 30% of these from Bakassi itselfCompletion of seismic acquisition expected August 2014Field OperationsField Operations
7 Dana’s concerns prior to investing in Cameroon SecurityLocation and logisticsEnvironmental protection and social investmentCorruption
8 1. SecurityControl RoomEscort BoatsField ProtectionSecurity Base
9 2. Location and logistics Control Room2. Location and logisticsMangrove with no InfrastructureTypical HabitationWorking with the communityWorking with the community leaders
10 3. Environmental protection and social investment Typical mangrovesLine clearance kept to a minimumWorking alongside the local fishermenInvestment in schools
11 4. Corruption Dana’s Values Integrity is one of Dana’s values – we do not pay bribesUK Anti-Bribery and Corruption Law (UK Bribery Act)Supporter of the Extractive Industries Transparency Initiative (EITI) – Cameroon is EITI compliant since 2013Supporter of the UN Global CompactBusiness Coalition Against CorruptionDana’s Values
12 The Business Coalition Against Corruption STRUCTUREPublic-private partnership, working with the German Development Agency “Deutsche Gesellschaft für Internationale Zusammenarbeit” (GIZ)COMMITMENTTo support Cameroon Government's National Strategy for the fight against corruption; by "sensibly reducing the intensity of corrupt practices and similar acts in the Private Sector” in its Private Sector Development Pillar.
14 BCAC Contact Mrs Rose-Patricia YONDO Project Manager Business Coalition Against Corruption in CameroonBusiness Council for Africa – CameroonVilla "les Cocotiers" - BAT Compound, BastosBP: YaoundéTel:
15 Cameroon’s business environment - in summary StrengthsStable economically and politicallyVery friendlyGenerally safeExcellent education system providing a well educated, hard working workforceGovernment committed to assisting inward investmentGood external and internal air linksGreat support in country from Brian Ollie and the British High CommissionStrong commitment to anti-corruption practices, led by the Prime Minister and supported by companies operating in CameroonWeaknessesInternal infrastructure, including road and rail network, is not well developed‘Red tape’ could (and should) be reduced.