Bloomberg News

Exxon’s Cotco Signs Transport Deal With Caverton Helicopters

February 27, 2012

Caverton Helicopters, which services Nigeria’s oil and gas industry, signed a five-year deal with the Cameroon Oil Transportation Co., or Cotco, for pipeline surveillance and passenger transfer services, it said.

Cotco is a venture owned by ExxonMobil Corp. (XOM), Chevron Corp. (CVX), Petroliam Nasional Bhd. (PET), and the governments of Chad and Cameroon, and operated by ExxonMobil, Lagos-based Caverton said in an e-mailed statement today. Cotco extracts and transports crude oil from the Doba oil fields in Chad, a landlocked country, to the sea port of Kribi in neighboring Cameroon through a 1,070-kilometer (665-mile), $3.5 billion underground pipeline.

Caverton will mainly secure the Cameroonian end of the project, and will also be available for passenger services, it said. The contract begins on March 1, it said, without disclosing the value of the contract.

The Doba basin has estimated reserves of 1 billion barrels of oil, according to the U.S. Energy Department.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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