Yaoundé - 26 June 2022 -

Cameroon earned CFA205bn from oil sales at the end of April 2022, up 68.6%YoY

Cameroon earned CFA205bn from oil sales at the end of April 2022, up 68.6%YoY
  • Comments   -   Tuesday, 14 June 2022 16:29

(Business in Cameroon) - The Cameroonian Treasury collected CFA205 billion from the National Oil and Gas Company (SNH) at the end of April 2022. Compared to the same period a year before, this represents an increase of 68.66%.

The money, SNH says, comes "after deduction of expenses" from the sales of 13.68 million barrels of oil equivalent (gas and oil), including 8.19 million barrels for crude oil production and 876.33 million m3 for natural gas. The higher oil revenue over the period is driven by a slight increase in production and a rise in crude oil prices. According to SNH data, production rose from 13.25 million barrels of oil equivalent in April 2021 to 13.68 million barrels in April 2022, up 3.24%. The price of a barrel of oil exceeded $100 in 2022. In January, the barrel was sold at $86.5; the price then peaked at $117.2 in March before declining slightly to $104 in April. During the same period in 2021, the price of a barrel fluctuated between only 54.8 in January to 64.8 in April.

The decree amending and supplementing certain provisions of the 2022 Finance Act provided that oil revenues (revenues from the sale of crude oil and natural gas and tax on oil companies) will amount to CFA806 billion in 2022, compared with CFA562 billion in the initial budget. That is CFA244 billion (+43.4%) additional amount.

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