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Yaoundé - 08 December 2019 -
Hydrocarbons

CEMAC: Oil production forecasted to grow by 4.6% in 2018 (Beac)

CEMAC: Oil production forecasted to grow by 4.6% in 2018 (Beac)
  • Comments   -   Thursday, 13 September 2018 11:57

(Business in Cameroon) - In 2018, oil production within the CEMAC area could increase by 4.6% to 45.2 million tons compared to 2017. This is revealed in an outlook report published in August by the Bank of Central African States (Beac).

In detail, Beac said that in the “extractive industries” sector, oil production is expected to increase in Congo (+18.1% to 15.7 million tons), Chad (+22.4% to 7.1 million tons) and to a lesser extent in Gabon (+1.5% to 10.7 million tons) and Cameroon (+1.3% to 3.6 million tons).

This higher oil production is also expected to raise budgetary revenues by about 7% to CFA9,030 billion, driven by improved hydrocarbon income (+31.3%, to CFA3,570.9 billion). The increase in hydrocarbon income will be drawn by a rise in crude oil prices per barrel (5.8%) and an appreciation of the euro against the dollar.

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