Transcript TITLE

Exploring for
Oil & Gas in Bakassi
UK-Cameroon
Trade and Investment Forum
London, 7 May 2014
Dana at a glance
We’re a $3bn oil and gas exploration and
production company. Formed in 1994,
Dana is now part of the Korea National Oil
Corporation (KNOC).
Our ambition is to become a leading
international oil and gas company
operating in Europe, Africa and the Middle
East.
We aim to grow production significantly
by investing up to $5 billion over the next
five years.
Where we work
Norway 1,500 barrels
We have interests in 13 exploration
licences and are operator of three
UK 33,000 barrels
Our UK portfolio consists of 28
operated and 47 non-operated
licences
Netherlands 10,700 barrels
We operate nine licenses including the De
Ruyter, Hanze, Van Ghent and Van Nes fields,
and have interests in 24 non-operated licences.
Egypt 10,000 barrels
We have a balanced portfolio of operated
and non-operated developments in the Gulf
of Suez, the Nile Delta and the Western
Desert.
Mauritania
We operate Block 7 where we have made 4
discoveries
Cameroon
We operate a Production Sharing Contract
(PSC) in the Bakassi West block
Guinea
We have a 23% stake in a very large PSC
located offshore Guinea.
Our activities in Cameroon

Production Sharing Contract
for Bakassi West signed in
June 2012

Co-venturers are Dana (55%),
Madison (35%) and SoftRock
(10%)
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Currently acquiring 350km of
2D seismic data
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Plan to drill first exploration
well in late 2015 or early 2016

Will invest $50 to $80 million
in Bakassi West in the period
2013 to 2016
Bakassi Peninsula
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Insert more detailed location
map here
Our activities in Cameroon
Reconnaissance Seismic Survey layout
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Mangrove Environment
Operations in Bakassi
Base Camp

Seismic base camps in Issobo fully
operational

BGP (seismic contractor) employing
around 350 Cameroonian nationals;
around 30% of these from Bakassi
itself

Completion of seismic acquisition
expected August 2014
Field Operations
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Field Operations
Dana’s concerns prior to investing in Cameroon
 Security
 Location and logistics
 Environmental protection and social
investment
 Corruption
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1. Security
Control Room
Field Protection
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Escort Boats
Security Base
2. Location and logistics
Mangrove with no Infrastructure
Working with the community
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Typical Habitation
Working with the community leaders
3. Environmental protection and social investment
Typical mangroves
Line clearance kept to a minimum
Working alongside the local fishermen
Investment in schools
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4. Corruption
Dana’s
Values
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
Integrity is one of Dana’s values –
we do not pay bribes

UK Anti-Bribery and Corruption
Law (UK Bribery Act)

Supporter of the Extractive
Industries Transparency Initiative
(EITI) – Cameroon is EITI compliant
since 2013

Supporter of the UN Global
Compact

Business Coalition Against
Corruption
The Business Coalition Against Corruption
STRUCTURE
Public-private partnership, working with the German Development
Agency “Deutsche Gesellschaft für Internationale Zusammenarbeit”
(GIZ)
COMMITMENT
To support Cameroon Government's National Strategy for the fight
against corruption; by "sensibly reducing the intensity of corrupt
practices and similar acts in the Private Sector” in its Private Sector
Development Pillar.
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Current BCAC membership
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BCAC Contact
Mrs Rose-Patricia YONDO
Project Manager
Business Coalition Against Corruption in Cameroon
Business Council for Africa – Cameroon
Villa "les Cocotiers" - BAT Compound, Bastos
BP: 16558 Yaoundé
Tel: 50 04 67 67
E-mail: [email protected]
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Cameroon’s business environment - in summary
Strengths
Weaknesses
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 Internal infrastructure, including road
Stable economically and politically
Very friendly
Generally safe
Excellent education system providing a
well educated, hard working workforce
 Government committed to assisting
inward investment
 Good external and internal air links
 Great support in country from Brian
Ollie and the British High Commission
 Strong commitment to anti-corruption
practices, led by the Prime Minister
and supported by companies operating
in Cameroon
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and rail network, is not well developed
 ‘Red tape’ could (and should) be
reduced.
Thank you