Presentation on theme: "Exploring for Oil & Gas in Bakassi UK-Cameroon Trade and Investment Forum London, 7 May 2014."— Presentation transcript:
Exploring for Oil & Gas in Bakassi UK-Cameroon Trade and Investment Forum London, 7 May 2014
We’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. Dana at a glance
Norway 1,500 barrels We have interests in 13 exploration licences and are operator of three UK 33,000 barrels Our UK portfolio consists of 28 operated and 47 non-operated licences Netherlands 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 barrels We have a balanced portfolio of operated and non-operated developments in the Gulf of Suez, the Nile Delta and the Western Desert. Mauritania We operate Block 7 where we have made 4 discoveries Cameroon We operate a Production Sharing Contract (PSC) in the Bakassi West block Guinea We have a 23% stake in a very large PSC located offshore Guinea. Where we work
Production Sharing Contract for Bakassi West signed in June 2012 Co-venturers are Dana (55%), Madison (35%) and SoftRock (10%) Currently acquiring 350km of 2D seismic data Plan to drill first exploration well in late 2015 or early 2016 Will invest $50 to $80 million in Bakassi West in the period 2013 to Insert more detailed location map here Bakassi Peninsula Our activities in Cameroon
Operations in Bakassi Seismic base camps in Issobo fully operational BGP (seismic contractor) employing around 350 Cameroonian nationals; around 30% of these from Bakassi itself Completion of seismic acquisition expected August Base Camp Field Operations
Dana’s concerns prior to investing in Cameroon Security Location and logistics Environmental protection and social investment Corruption 7
1. Security 8 Control RoomEscort Boats Field Protection Security Base
2. Location and logistics 9 Mangrove with no Infrastructure Control Room Working with the community leaders Typical Habitation Working with the community
3. Environmental protection and social investment 10 Typical mangroves Working alongside the local fishermen Investment in schools Line clearance kept to a minimum
4. Corruption 11 Dana’s Values Integrity is one of Dana’s values – we do not pay bribes UK Anti-Bribery and Corruption Law (UK Bribery Act) Supporter of the Extractive Industries Transparency Initiative (EITI) – Cameroon is EITI compliant since 2013 Supporter of the UN Global Compact Business Coalition Against Corruption
The Business Coalition Against Corruption 12 STRUCTURE Public-private partnership, working with the German Development Agency “Deutsche Gesellschaft für Internationale Zusammenarbeit” (GIZ) COMMITMENT To 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.
Current BCAC membership 13
BCAC Contact Mrs Rose-Patricia YONDO Project Manager Business Coalition Against Corruption in Cameroon Business Council for Africa – Cameroon Villa "les Cocotiers" - BAT Compound, Bastos BP: Yaoundé Tel:
Cameroon’s business environment - in summary Strengths Stable economically and politically Very friendly Generally safe Excellent education system providing a well educated, hard working workforce Government committed to assisting inward investment Good external and internal air links Great support in country from Brian Ollie and the British High Commission Strong commitment to anti-corruption practices, led by the Prime Minister and supported by companies operating in Cameroon 15 Weaknesses Internal infrastructure, including road and rail network, is not well developed ‘Red tape’ could (and should) be reduced.