Selling of Cameroon’s oil barrels increases by 44.5 pct compared to 2018

The oil production in Cameroon in the first four months of current year amounted to 8.1 million barrels, which is down by 1.53 percent in comparison to the same period of 2018.

According to the national hydrocarbons corporation SNH, Cameroon sold 5,832 million barrels of the overall volume, which is an augmentation by 44.57 percent compared to the same period in 2018. Monies collected from sales make it possible to transfer, after deduction of expenses, XAF57.56 billion to the public treasury as contribution to the State budget. Amount is up 28.51 percent compared to the same period last year.

According to the SNH, the good results occurred in a context marked by a decline in the global prices of crude oil and liquefied natural gas (LNG), and by a rise in the US dollar against the euro. "It is in this contrasting environment that the SNH has continued to implement its action plan which yielded generally positive results," the public company reported, as reported by Business in Cameroon.

Over the period reviewed, the company significantly increased its production investments, USD 399.26 million for FY2019, compared to USD 209.44 million in 2018.

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