Cameroon’s state-owned oil company has been accused of delaying the expansion of the Etinde gas field in the country.
Despite the gas field approval by parliament more than two years ago, reports say President Biya and SNH boss, Adolphe Moudiki, are blocking its development.
Going by Interfax Natural Gas Daily, the government of Cameroon initially agreed to SNH taking a 20% paying interest stake in Etinde, which requires the government to also forward funding for the permit. However, sources close to the project say SNH is now demanding its share for free and not willing to contribute financing.
It is alleged that SNH has rejected a funding proposal by NewAge, a company which together with Russia’s Lukoil each hold a 30% stake in the Etinde gas project.
NewAge is a Jersey-based explorer while Edinburgh-based Bowleven has 20% equity and SNH holds the remaining 20%.
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