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Yaoundé - 26 May 2020 -
Hydrocarbons

Cameroon sells 5.8 million oil barrels of 8.1 million produced in Jan-Apr 2019

Cameroon sells 5.8 million oil barrels of 8.1 million produced in Jan-Apr 2019
  • Comments   -   Monday, 10 June 2019 15:20

(Business in Cameroon) - Cameroon’s oil production over the first four months of 2019 amounted to 8.1 million barrels, down 1.53% compared to the same period last year, the national hydrocarbons corporation SNH announced.

Of this volume, the country sold 5,832 million barrels, an increase by 44.57% 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% 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 is pleased to report.

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

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