YAOUNDE, Cameroon (Dow Jones)--Chinese firm Yang Chang Logone Development Holding Co. Ltd., the first oil corporation to explore for oil in Cameroon's Far North region, started drilling crude oil in April, the Cameroon state-run National Hydrocarbons Corporation (SNH) said Monday.
The joint China-Cameroon venture firm initially invested $62 million in April 2009 to explore petroleum in the vicinity, which flanks Chad's southern oil wells in Doba.
It is one of four exploration wells from which Cameroon hopes to regain oil production by 2012.
Cameroon's Far North province is also route to the 1,080-kilometer-long Chad-Cameroon Pipeline, transporting Chadian crude into Cameroon's Atlantic southern coastal town of Kribi. "Accordingly, SNH ensured the follow-up of the drilling of four wells, including Zina-1X drilled by operator Yang Chang, which started drilling on April 27 on Zina-Makary block, Logone Birni basin," said a statement.
The SNH manages and trades oil on behalf of the Cameroon government.
-By Emmanuel Tumanjong, contributing to Dow Jones Newswires; +237-9655-6261; tnuel@yahoo.com
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