Victoria Oil & Gas Plc (VOG) is an independent oil and gas exploration and production company with projects in Africa and the FSU. The Company's principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye project in Siberia, Russia.
VOG has become a significant domestic energy supplier in Africa through its wholly owned subsidiary: Gaz du Cameroun S. A. (GDC). With operations located in the industrial port-city of Douala, Cameroon, customers are converting their operations to take natural gas supplied by the company's production wells and pipeline infrastructure. GDC is the sole gas supplier in the area, providing a cheaper, more efficient, reliable, and cleaner energy alternative to Heavy Fuel Oil use.
GDC is currently the only supplier of natural gas to Douala and it owns and manages the whole supply chain from wellhead to customer connection. GDC is largely insulated from oil price fluctuations because it competes with fuel sources such as heavy fuel oil on many different criteria other than supply price. GDC has in place long-term gas supply contracts with customers using gas for a range of different applications, with prices ranging from $9/mmbtu to $16/mmbtu. GDC has secured its position as a dominant gas supplier to industry in Douala. The Group’s strategy for GDC is to focus on the safe delivery of gas to the optimum, long-term market. GDC intends to maintain its position by leveraging its experience, as well as its gas processing and pipeline assets. GDC is focused on exploiting new gas reserve discoveries and opening up major new power-hungry markets in the region and beyond.
In early 2016 VOG added to its 20km exploitation licence at Logbaba with the assignment of 75% of the neighbouring 1,235 square kilometre exploration block Matanda increasing its footprint in Douala, Cameroon.
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