Cameroon finalizes a 15-million-dollar oil agreement with Tower Resources

Cameroon welcomes a new strategic agreement between Tower Resources and Prime Global Energies, mobilizing 15 million dollars to develop the NJOM-3 well, a key offshore oil project planned for 2025.

Share:

Comprehensive energy news coverage, updated nonstop

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

7-Day Pass

Up to 50 articles accessible for 7 days, with no automatic renewal

3 $/week*

FREE ACCOUNT

3 articles/month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 30,000 articles • 150+ analyses per week

Cameroon recently concluded a strategic partnership for its offshore oil sector, officially announced on January 10, 2025. Tower Resources, a British company, signed a farm-out agreement with Prime Global Energies Limited, involving a total financing of 15 million dollars for the development of the Thali oil license.

The agreement grants Prime Global a 42.5% stake in the Thali license, covering operational costs for the project, including the drilling of the NJOM-3 well scheduled for 2025. In return, an initial payment of 937,500 dollars will be made immediately, followed by 3,437,500 dollars after regulatory approval, with the remaining balance allocated to the development program.

A key project for Cameroon

This project is strategic for Cameroon’s oil development. The Thali license, located offshore, represents significant potential for exploration and exploitation. Jeremy Asher, CEO of Tower Resources, highlighted the importance of this milestone, which will accelerate the operational program. The NJOM-3 well is considered a central component of the future development of the license.

International perspectives

The partnership between Tower Resources and Prime Global Energies extends beyond Cameroon. Concurrently, the two companies are cooperating on the PEL 96 block in Namibia, aiming to refine and maximize the potential of this license. This multi-country approach reflects an investment strategy focused on leveraging African resources.

A transforming sector

Cameroon’s oil sector is undergoing significant transformation, attracting foreign investments through strategic partnerships like this one. Such initiatives could strengthen the country’s position in the regional energy landscape while fostering local economic opportunities. However, the agreement remains subject to local regulatory approval, a critical step for its execution.

Import quotas exhaustion and falling demand push Chinese independent refineries to sharply reduce Iranian crude volumes, affecting supply levels and putting downward pressure on prices.
Serbian oil company NIS, partially owned by Gazprom, faces newly enforced US sanctions after a nine-month reprieve, testing the country's fuel supply chain.
US-based Chevron appoints Kevin McLachlan, a veteran of TotalEnergies, as its global head of exploration, in a strategic move targeting Nigeria, Angola and Namibia.
Lycos Energy finalises the sale of its Alberta assets for $60mn, planning an immediate $47.9mn cash distribution to shareholders and the launch of a share buyback programme.
Russian oil output moved closer to its OPEC+ allocation in September, with a steady rise confirmed by Deputy Prime Minister Alexander Novak.
Fuel shortages now affect Bamako, struck in turn by a jihadist blockade targeting petroleum flows from Ivorian and Senegalese ports, severely disrupting national logistics.
McDermott has signed a memorandum of understanding with PETROFUND to launch technical training programmes aimed at strengthening local skills in Namibia’s oil and gas sector.
The example of OML 17 highlights the success of an African-led oil production model based on local accountability, strengthening Nigeria’s position in public energy investment.
ExxonMobil has signed a memorandum of understanding with the Iraqi government to develop the Majnoon oil field, marking its return to the country after a two-year absence.
Crude prices rose following the decision by the Organization of the Petroleum Exporting Countries and its allies to increase production only marginally in November, despite ongoing signs of oversupply.
Cenovus Energy modifies terms of its acquisition of MEG Energy by increasing the offer value and adjusting the cash-share split, while reporting record third-quarter results.
Hungarian oil group MOL and Croatian operator JANAF are negotiating an extension of their crude transport agreement as the region seeks to reduce reliance on Russian oil.
Rail shipments of Belarusian gasoline to Russia surged in September as Moscow sought to offset fuel shortages caused by Ukrainian attacks on its energy infrastructure.
Denmark is intensifying inspections of ships passing through Skagen, a strategic point linking the North Sea and the Baltic Sea, to counter the risks posed by the Russian shadow fleet transporting sanctioned oil.
Nicola Mavilla succeeds Kevin McLachlan as TotalEnergies' Director of Exploration, bringing over two decades of international experience in the oil and gas industry.
Sahara Group is making a major investment in Nigeria with seven new drilling rigs, aiming to become the country’s top private oil producer by increasing output to 350,000 barrels per day.
Senegal aims to double its oil refining capacity with a project estimated between $2bn and $5bn, as domestic demand exceeds current output.
Chevron is working to restart several units at its El Segundo refinery in California after a fire broke out in a jet fuel production unit, temporarily disrupting regional fuel supplies.
Ethiopia has begun construction of its first crude oil refinery in Gode, a $2.5bn project awarded to GCL, aimed at strengthening the country’s energy security amid ongoing reliance on fuel imports.
Opec+ slightly adjusts its quotas for November, continuing its market share recovery strategy amid stagnant global demand and a pressured market.

All the latest energy news, all the time

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

7 DAY PASS

Up to 50 items can be consulted for 7 days,
without automatic renewal

3$/week*

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.