Cameroon and Octavia Energy Finalize Oil Exploration Deal

Cameroon's oil exploration sector has reached a new milestone with the finalization of a Production Sharing Agreement (CPP) for the Bolongo Exploration block. The deal, struck between the Société Nationale des Hydrocarbures (SNH) and Octavia Energy, was concluded after two days of negotiations in Yaoundé on August 4-5, 2026.

Octavia Energy was selected for this block on March 30, 2026, following an international call for expressions of interest concerning nine available blocks in Cameroon's sedimentary basin. The agreement mandates an ambitious work program, including 3D seismic acquisitions and exploration drilling. Beyond technical aspects, the CPP emphasizes technology transfer, local content development, and the protection of marine ecosystems in the Gulf of Guinea.

For SNH, this strategic partnership is crucial for revitalizing oil research in Cameroon. The initiative aims to replenish the country's oil reserves and enhance its attractiveness to international investors, particularly in the context of a global energy transition. The official signing ceremony is anticipated shortly, formalizing Octavia Energy's entry into Cameroon's oil landscape and underscoring the nation's appeal to global operators in the mining sector.

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This strategic partnership constitutes a major milestone in the relaunch of oil research in Cameroon.