Companies & Finance

Loss of Cameroon contract costs GDC $3 mln

Energy utility Gaz Du Cameroon has announced that the non-renewal of its gas supply contract with ENEO has caused it a loss of $3.3 million
By Staff reporter 1 October 2018 0 32737

Energy utility Gaz Du Cameroon (GDC), a subsidiary of Victoria Oil & Gas, has announced that the non-renewal of its gas supply contract with Cameroon’s electricity utility ENEO has caused it a loss of $3.3 million.

GDC’s contract was not renewed at the end of 2017 for undisclosed reasons, and as a result the company’s gas sales fell to 18 million cubic metres (MMcm) in 2017 from 67 MMcm in 2016.

However, the company has said it is hopeful a new contract will be signed with the...