Special to Dow Jones Newswires
YAOUNDE, Cameroon--Glencore Exploration Cameroon Ltd. has sold 50% of its stake in the Bolongo block in the Rio del Rey basin to Perenco Cameroon SA, Cameroon's national oil-and-gas company has said.
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Under the deal, private company Perenco will own the rights to develop and produce oil in the block's Oak well, the state-run National Hydrocarbons Corporation, or SNH, said in statement Tuesday.
Glencore Cameroon is the local unit of Switzerland-based multinational trader and miner Glencore PLC (GLNCY).
SNH said the move is aimed at increasing the country's daily crude oil output to 10,000 barrels this year.
The Oak well has been under exploration since the middle of 2012 and has reached a depth of 1,515 meters, SNH said. Petroleum height stands at 13.7 meters, 6.2 meters of which is crude oil.
In 2009, Glencore Exploration Cameroon and SNH signed a three-year, $13 million deal to explore the block.
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(END) Dow Jones Newswires
January 17, 2018 05:05 ET (10:05 GMT)