Oil
Oil

The data further indicated that the country produced 3.079 billion cubic feet of natural gas in the third quarter of 2015, representing an increase from 2.282 billion cubic feet during same period a year ago.

Oil
Oil

However, due to the drop in crude oil prices on the world market, NHC transferred only 116.363 billion CFA francs (about 232 million U.S. dollars) during the third quarter to the public treasury, thus bringing the total amount since the beginning of 2015 to 327.934 billion CFA francs (about 655 million U.S. dollars).

It should be noted that heavy weight crude oil is Cameroon’s main export product, with 90 percent production from the Rio del Rey basin in the South-West Region in the Gulf of Guinea.

Unfortunately, the oil is still exported in raw form as efforts are still being put in place to upgrade the factory of the National Oil Refinery Company (SONARA) in Limbe in the South-West Region that imports mainly light weight variety crude oil from Nigeria, Equatorial Guinea and other countries.

Earlier this month, the Executive General Manager of NHC Adolphe Moudiki said Cameroon’s crude oil production this year will exceed 100,000 barrels per day for the first time since 2002.

The country began pumping oil in 1977 and output peaked at 185,000 barrels per day (bpd) a decade later before dropping to 62,000 bpd in 2013. However, production has started rising as more new wells are being exploited. Enditem

Source: Xinhua

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