Operator New Age has been focusing on progressing development plans. There are various opportunities for gas in Cameroon and sufficient existing discovered resources on Etinde to support one initial offtake solution, i.e. fertiliser, power generation, or LNG.
New Age has proposed an FLNG solution and has been evaluating ways of using available vessels. However, the Cameroon authorities would prefer the gas to be set aside for onshore fertiliser and gas-to-power projects.
The joint venture is also investigating early-stage development to facilitate monetization of Etinde’s existing resource base.
According to Bowleven, the combination of high well deliverability, a lower cost environment, and attractive fiscal terms means the project economics are robust even at depressed oil price levels.
On the other hand, the lower oil price has impacted progress of the planned appraisal wells.
The appraisal opportunities could add further volumes of up to 2 tcf of gas and associated liquids. Bowleven is looking to drill as soon as possible, as the company is covered for its anticipated share of expenditure via a $40 million (net) carry.
Successful appraisal drilling could also facilitate multiple offtake solutions for Etinde, it adds.
The partners have also started reprocessing the Etinde seismic data set to help optimize field development.