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By Jaime Llinares Taboada
Victoria Oil & Gas Plc said Wednesday that its subsidiary Gaz du Cameroun S.A. saw gas sales increase by 6% in the fourth quarter despite operational shutdowns from some of its customers, and expects demand to increase significantly in 2022. Here’s what the London-listed energy company had to say:
On 4Q performance:
“Average daily gross gas sales rate for the quarter of 5.3 MMscf/d (up 6.0% on Q3 21: 5.0 MMscf/d) of natural gas, plus gross 5,584 bbls (Q3 21: 3,800 bbls) condensate was shipped to customers.”
“We are very pleased with the robust quarter that GDC achieved, despite a greater than expected number of maintenance shutdowns for its customers.”
“GDC’s online customer count remained around 30 for the period, though several customers used the period for maintenance shutdowns.”
On 2022 outlook:
“During January 2022, demand was high, reaching a mid-week peak of 6.8 MMscf/d gas sales (unaudited) on one occasion, the highest for three years.”
“GDC is forecasting a growth in demand of 10-20% in 2022 (compared to demand in 2021), from both organic and inorganic growth. Cameroon is hosting a major sporting event in Q1 and the Company expects this to have a positive effect on sales in January and February. GDC will continue to exercise capital discipline and look to reduce costs where possible.”
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
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