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Prospects far from certain
Cameroon hopes its reclamation of the Bakassi peninsula, after a long-running border dispute with Nigeria, could open up new oil and gas prospects. But no-one yet knows the extent of commercial deposits and much remains to be done before exploration can recommence, Ian Lewis writes
Nigerian troops withdrew from Bakassi in August. This followed Nigeria's agreement to abide by a 2002 International Court of Justice ruling that the peninsula, which it had claimed and occupied for decades, belonged to Cameroon. Nigeria delayed its planned withdrawal from Bakassi in September 2004, citing "unexpected technical difficulties", but this time the withdrawal seems to have gone smoothly. Cameroon has taken control of the northern part of the peninsula, while the rest remains under Nigerian civil control for a two-year interim period, after which it is due to be handed over to Cameroon. Given the peninsula's location at the heart of the Gulf of Guinea – estimated to hold well over 20bn barrels of oil and possibly more than 150 trillion cubic feet (cf) of gas – the majors will be paying close attention to the possibilities opened up by the dispute's resolution. Observers of the region say it does ...Click here to continue reading Prospects far from certain
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