Gov’t marks new milestone in hydrocarbons exploration.

The contract with financial commitment worth 41 million US dollars, is for hydrocarbons exploration and exploitation in the Bolongo exploration block, located in the offshore Rio del Rey basin, covering a surface area of 381.56km2.

The deal, following conclusion of negotiations between both parties, permits Octavia Energy Cameroon SARL, a subsidiary of Octavia Energy Corporation Limited, to execute a Minimum Exploration Work Programme over a maximum period of seven years. 

The Interim Minister of Mines, Industry and Technological Development, Prof Fuh Calistus Gentry, chaired the event and also put pen on paper for the contract on behalf of the State, while the Chief Executive Officer, CEO, of Octavia Energy Corporation Limited, Ahmed Nabil Hayel Saeed, signed for the company. 

The Adviser No.2 at SNH, Nathalie Moudiki, represented the Executive General Manager of the corporation, Adolphe Moudiki, at the signing ceremony. Board members and officials of SNH, a delegation from Octavia Energy Corporation Limited and other stakeholders witnessed the signing. 

Gov’t determined to revive hydrocarbons 

Speaking after signing the deal on behalf of the State, Minister Fuh Calistus said the initiative reflects the firm determination of the government to “revive petroleum research, renew reserves, and slow the natural decline of mature fields”. 

He said the signing confirms Cameroon’s engagement to relaunch the hydrocarbons and gas sector to increase results. 

“It is the symbol of our shared ambition to make our hydrocarbons sector a driver of inclusive growth, skills transfer, and sustainable development for the benefit of the entire nation,” Prof Fuh Calistus said. 

He explained that the contract precisely defines the rights and obligations of each party, both during the exploration phase and in the event of a commercially exploitable discovery. 

“This mechanism, widely proven in the international oil and gas industry, allows the State to retain full ownership of subsoil resources, while sharing investment risks and, in the event of success, generated revenues with the operator,” he detailed.

Prof Fuh Calistus said the contract provides for the implementation of an ambitious work programme combining the acquisition of 3D seismic data and the execution of exploration drilling. 

Beyond the technical and financial aspects, he said it enshrines strict requirements that the government places at the heart of its sectoral policy. 

He urged Octavia Energy to scrupulously comply with the work schedule, rigorous management of environmental and social issues, as well as close and transparent collaboration with all administrations and local authorities concerned.

The minister assured that government is committed to guarantee a stable, predictable, and attractive legal framework not just to Octavia Energy but to other international investors.

He expressed the wish for the partnership with Octavia Energy to be fruitful, quickly lead to significant discoveries, and serve as a model for future collaborations between Cameroon and international operators in the sector.

Enter Octavia Energy CEO

The CEO of Octavia Energy Corporation Limited, Ahmed Nabil Hayel Saeed, said the company is proud to be investing in Cameroon and become a partner in its energy future. 

He described the contract as the beginning of a partnership built on trust, mutual respect, and a long-term commitment to the people and future of Cameroon. 

Hayel Saeed said the philosophy of Octavia Energy goes beyond simply exploring for, and producing hydrocarbons; but ensuring lasting value is created for the benefit of citizens.

He mentioned plans to prioritize recruitment and training of Cameroonians, offer opportunities for local enterprises, protect environment and support hosts communities through Corporate Social Responsibility activities. 

He said though exploration carries risk with no guaranteed results, the company pledges its intention to invest for the long term. 

“We have not come to Cameroon for a season; we have come to stay,” Hayel Saeed said, adding that the signing is not the conclusion of a process, but the beginning of one. 

He pledged that Octavia Energy will respect laws and institutions of Cameroon, protect the environment, and create a sustainable and measurable value for Cameroonians.

SNH committed to strengthen energy sovereignty

Speaking earlier on behalf of the Executive General Manager, the Adviser No.2 at SNH, Nathalie Moudiki, said the project is within corporation’s new dynamic for the enhancement of oil and gas resources, notably aimed at strengthening national energy sovereignty and increasing State revenues. 

The signing of the Bolongo exploration contract, which precedes that coming up four other blocks, she said, illustrate the acceleration of the revival of hydrocarbons production and attest to the new vision driven by the SNH under the leadership of Minister Adolphe Moudiki.

She saluted the manner in which negotiations unfolded with the Permanent National Committee for Negotiation of Petroleum and Gas Contracts and Octavia Energy, noting that it marks the end of a painstaking but brilliant process which both parties are proud of.

About the Production Sharing Contract 

Octavia Energy was selected for the Bolongo exploration following a call for tenders on August 1, 2025, for the granting of exploration licenses for nine free blocks in the national oil and gas domain.

The work under the exploration covers a maximum period of seven years. Officials said the initial period, lasting three years, will be devoted to reprocessing available seismic data and conducting geological and geophysical studies.

The phase, it was added, will be followed by two additional two-year periods, each including the drilling of an exploration well. 

The President of the Permanent Commission for Negotiation of Petroleum and Gas Contracts explained that negotiations unfolded hitch free.

She said the first phase of negotiations handled the economic terms of the contract, the second focused on the structuring of the contract and the drafting of clauses relating to the implementation of the key terms of this contract and while the third phase allowed both parties to draft and finalise the draft contract in its entirety.

The SNH official said negotiations were guided by Law No. 2019/008 of 25 April 2019 bearing the Petroleum Code and its application Decree No. 2023/232 of 4 May 2023, which was developed on the basis of a model production sharing contract proposed by the Cameroonian party.

This article was first published in The Guardian Post Edition No:3881 of Monday August 17, 2026