<h1>Etinde Oil and Gas Project (Cameroon)</h1>
<p>The Etinde Oil and Gas Project is an offshore conventional oil and gas project in Cameroon operated by New Age. The project is classified as discovered,meaning hydrocarbons have been identified and appraised but development has not yet entered commercial production. Etinde,also referred to as Isongo in some project references,lies in the Rio del Rey Basin offshore Cameroon,near the Gulf of Guinea margin and close to the maritime area adjoining Equatorial Guinea. The project contains gas,condensate,LPG,and oil resources. Discovery activity dates back to 1967. Bowleven,LUKOIL,and New Age are the principal joint venture participants. The project has experienced repeated development delays,changes in proposed development concept,and uncertainty around operatorship after Perenco’s planned acquisition of New Age’s interest was terminated in 2024.</p>
<h2>Quick Facts</h2>
<table>
<colgroup><col><col></colgroup>
<tbody>
<tr><th>Item</th><th>Detail</th></tr>
<tr><td>Project Name</td><td>Etinde Oil and Gas Project</td></tr>
<tr><td>Country</td><td>Cameroon</td></tr>
<tr><td>Fuel Type</td><td>Oil and gas</td></tr>
<tr><td>Production Type</td><td>Conventional</td></tr>
<tr><td>Status</td><td>Discovered</td></tr>
<tr><td>Operator</td><td>New Age</td></tr>
<tr><td>Owner(s)</td><td>Bowleven 25%; LUKOIL PJSC 37.5%; New Age 37.5%</td></tr>
<tr><td>Discovery Year</td><td>1967</td></tr>
<tr><td>Onshore/Offshore</td><td>Offshore</td></tr>
<tr><td>Basin</td><td>Rio del Rey</td></tr>
</tbody>
</table>
<h2>Location and Basin</h2>
<p>Etinde is offshore Cameroon in the Rio del Rey Basin,in shallow water adjacent to the Cameroon coast,about 20 kilometres offshore near Cameroon’s border with Equatorial Guinea. Bowleven reports acreage of about 461 square kilometres,with water depths ranging from about 10 metres to 100 metres. The permit contains multiple hydrocarbon discoveries in Pliocene and Miocene formations,including the Isongo and Biafra intervals. The Upper Isongo and Intra Isongo reservoirs have tested wet gas and oil; deeper Middle Isongo has proven productive in the western part of the block. The Biafra interval has tested dry gas.</p>
<h2>Ownership and Operatorship</h2>
<p>New Age operates the Etinde project. Operatorship transferred to New Age after a 2015 farm-out transaction with LUKOIL and New Age. After the farm-out,Bowleven retained 25%,and New Age and LUKOIL each hold 37.5% interests. LUKOIL entered the project in 2015 under a production sharing agreement signed in December 2008. Cameroon’s state-owned Société Nationale des Hydrocarbures (SNH) has a 20% back-in right to the Etinde development; if exercised,Bowleven’s interest would reduce to 20% and New Age’s and LUKOIL’s to 30% each. In 2022,New Age agreed to transfer its participating interest and operatorship to Perenco,but the transaction was terminated in January 2024. New Age remains the operator.</p>
<h2>Development History</h2>
<table>
<colgroup><col><col><col></colgroup>
<tbody>
<tr><th>Milestone</th><th>Year</th><th>Details</th></tr>
<tr><td>Discovery milestone</td><td>1967</td><td>Hydrocarbon discoveries and appraisal activity in the Etinde permit area date back to 1967.</td></tr>
<tr><td>Development milestone</td><td>2014</td><td>An Exploitation Authorisation was awarded over block MLHP-7 in July 2014,granting development title for a minimum of 20 years with a potential renewal period.</td></tr>
<tr><td>Recent status milestone</td><td>2024</td><td>Perenco withdrew from the planned acquisition of New Age’s Etinde interest and operatorship,requiring the joint venture partners to reassess the development plan.</td></tr>
</tbody>
</table>
<p>Exploration and appraisal drilling began decades ago,with 18 wells drilled since 1967,of which 14 discovered hydrocarbons. In 2014,LUKOIL agreed to acquire a 37.5% interest from Bowleven,and New Age acquired an additional interest. The license to develop the Etinde area was issued in July 2014,valid for 20 years. The original development framework was linked to a fertiliser project involving a 500 bcf,20-year gas commitment,but that project did not proceed,causing delays in 2016–2017. New Age later proposed an FLNG-based development,but after 2018 appraisal drilling indicated total gas resources were too small to support FLNG on a standalone basis,this option failed. In 2022,New Age agreed to sell its interest to Perenco; Perenco terminated the transaction in January 2024. Bowleven stated that the failed transaction delayed final investment decision and that joint venture partners need to agree on a way forward.</p>
<h2>Infrastructure and Facilities</h2>
<p>Etinde does not have producing infrastructure in operation. Several development concepts have been considered,including the fertiliser-linked scheme and an FLNG-based development,but neither reached construction. Recent disclosures indicate the need for an updated development plan. Bowleven stated in 2024 that joint venture partners were discussing a new development plan and assessing efforts required to secure final investment decision. New Age may review the previously agreed Equatorial Development Scheme and update front-end engineering design. No active FPSOs,LNG trains,platforms,or export pipelines are installed as part of Etinde.</p>
<h2>Production and Reserves</h2>
<p>Etinde has no confirmed production start year and is not an operating project. Global Energy Monitor reports 2019 resource data as 2C recoverable resources of approximately 22,937 million cubic metres of gas,83 million barrels of gas condensate,16 million barrels of LPG,and 7 million barrels of oil. Bowleven reports a net P50 contingent resource volume of 58 million barrels of oil equivalent for its interest. These are historical estimates,contingent on technical maturation,commercial agreements,regulatory approval,and financing. Current production figures are not available because the project is not producing.</p>
<h2>Recent Developments</h2>
<p>The key recent development is the termination of the proposed New Age–Perenco transaction. In 2022,New Age agreed to transfer its interest and operatorship to Perenco. Offshore Magazine reported in January 2024 that Perenco withdrew,and Bowleven confirmed that the co-venturers would need to work on an updated development plan and work program. During the pending transaction,New Age placed Etinde into limited care and maintenance; no definitive work plan or budget was approved. Bowleven’s 2024 disclosures indicate discussions with joint venture partners to determine a new development plan and that final investment decision was expected in 2025 at the earliest. This expectation has not been confirmed. Etinde remains pre-FID and under reassessment.</p>
<h2>Sources</h2>
<ul>
<li><a href="https://www.gem.wiki/Etinde_Oil_and_Gas_Project_(Cameroon)" rel="nofollow noopener" target="_blank">Global Energy Monitor: Etinde Oil and Gas Project (Cameroon)</a></li>
<li><a href="https://www.bowleven.com/operations/etinde-0" rel="nofollow noopener" target="_blank">Bowleven: Etinde</a></li>
<li><a href="https://www.newafricanglobalenergy.com/cameroon/" rel="nofollow noopener" target="_blank">New Age African Global Energy: Cameroon</a></li>
<li><a href="https://www.lukoil.com/PressCenter/Pressreleases/Pressrelease/lukoil-closes-deal-to-enter-project-off-cameroon" rel="nofollow noopener" target="_blank">LUKOIL: Closes Deal to Enter Project Offshore Cameroon</a></li>
<li><a href="https://www.lukoil.com/PressCenter/Pressreleases/Pressrelease/lukoil-joins-shelf-project-in-cameroon" rel="nofollow noopener" target="_blank">LUKOIL: Joins Shelf Project in Cameroon</a></li>
<li><a href="https://www.offshore-mag.com/regional-reports/africa/article/14304127/perenco-withdraws-from-planned-etinde-acquisition-offshore-cameroon" rel="nofollow noopener" target="_blank">Offshore Magazine: Perenco Withdraws from Planned Etinde Acquisition Offshore Cameroon</a></li>
<li><a href="https://www.investegate.co.uk/announcement/rns/bowleven--blvn/proposed-underwritten-open-offer-to-raise-c-2m/8086832" rel="nofollow noopener" target="_blank">Bowleven: Proposed Underwritten Open Offer and Etinde Development Update</a></li>
<li><a href="https://www.oedigital.com/news/497959-bowleven-lukoil-clear-path-for-perenco-to-take-over-new-age-s-stake-in-etinde-block-off-cameroon" rel="nofollow noopener" target="_blank">Offshore Engineer: Etinde Block Offshore Cameroon</a></li>
<li><a href="https://www.offshore-technology.com/marketdata/oil-gas-field-profile-etinde-conventional-gas-field-cameroon/" rel="nofollow noopener" target="_blank">Offshore Technology: Etinde Conventional Gas Field Profile</a></li>
</ul>
<h2>Related Topics</h2>
<ul>
<li>Cameroon offshore oil and gas projects</li>
<li>Rio del Rey Basin exploration and development</li>
<li>Etinde Permit and Isongo reservoirs</li>
<li>New Age African Global Energy offshore assets</li>
<li>Bowleven Cameroon portfolio</li>
<li>LUKOIL upstream projects in Africa</li>
<li>Gas-condensate field development</li>
<li>Pre-FID offshore project planning</li>
<li>Cameroon gas monetization and FLNG concepts</li>
<li>Shallow-water offshore development risks</li>
</ul>

IEPTC reference profile for Etinde Oil and Gas in Cameroon,covering asset type,location,development status,and upstream industry context.

Etinde Oil and Gas Project (Cameroon)

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Etinde Oil and Gas Project (Cameroon)

Etinde Oil and Gas Project (Cameroon)

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