Cameroon grants oil exploration concession to Fusion Oil and Gas

After several months of negotiations, Cameroon granted an oil exploration concession to the Australian company Fusion Oil and Gas. Cameroon's National Hydrocarbons Company and Fusion Oil signed the contract in Yaounde, with Mines, Water and Power minister Jacques-Yves Mbelle Ndoe representing the government.
SNH Administrator Adolphe Moudiki signed for the Cameroonian company, while a senior official of Fusion Oil, Peter Dole, signed for the Australian company. The area covered by the concession is located offshore in the Douala-Kribi-Campo basin, where depths average 1,500 metres.

Cameroonian authorities were report aglow with hopes of substantial oil fines in the area, which is part of the Gulf of Guinea on the same geological parallel with neighbouring countries like Congo, Equatorial Guinea and Angola. According to the six-year contract, Fusion Oil and Gas would carry out oil prospecting under the best of conditions, including a number of incentives, notably with regards to company taxes. SNH officials noted that the contract with Fusion Oil was the first to be negotiated under the new Cameroon oil code.