Octavia Energy to Invest $41 Million in Cameroon’s Bolongo Block
British company Octavia Energy has committed to invest $41 million in the Bolongo block in Cameroon. This agreement was formalized on August 14, 2026, in Yaoundé, as part of a broader initiative by the government to promote nine oil blocks.
Investment Agreement Details
On August 14, 2026, Octavia Energy Cameroon SARL signed a Production Sharing Contract (PSC) with the Cameroonian government in Yaoundé. This agreement marks a significant step in the government's efforts to attract foreign investment in its oil sector, particularly in the Bolongo block, which was promoted as part of a campaign launched by the Société Nationale des Hydrocarbures (SNH) in 2025.
The investment of $41 million is aimed at enhancing exploration and production activities in the Bolongo block. This initiative is expected to contribute to the local economy and create job opportunities, aligning with the government's strategy to boost the oil and gas sector in Cameroon.
Context of the Agreement
The agreement with Octavia Energy is part of a broader initiative by the Cameroonian government to promote nine oil blocks to international investors. This campaign, launched by the SNH, aims to revitalize the oil sector, which has faced challenges in recent years due to fluctuating oil prices and production levels.
By securing this investment, Cameroon hopes to enhance its oil production capabilities and attract further foreign investments. The Bolongo block is seen as a key area for potential development, and the government's proactive approach is intended to create a more favorable investment climate.
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