logoBC
Yaoundé - 18 April 2021 -
Mining

SNH estimates its stored oil data at over XAF10,000 billion

SNH estimates its stored oil data at over XAF10,000 billion
  • Comments   -   Thursday, 06 August 2020 14:07

(Business in Cameroon) - The Cameroonian National Hydrocarbon Company (SNH) estimates the value of oil data currently stored in its Mbanga-Bakoko (Douala) based Petroleum Information Center (PIC) at $18.736 billion (XAF10,346.12 billion). These data were collected during petroleum exploration and production activities carried out in the country.

According to the SNH, the PIC (which hosts an 80,000 linear meter storage room) received the first samples in 2018. By end-June 2020, it had centralized 150 boxes of samples collected during drills. Also, 2,900 boxes are yet to be transferred from Hydrac SA, an SNH subsidiary that controls hydrocarbons and water.  

It indicates that between 2004 and 2019, it generated XAF4,142 billion by selling licenses on the use of some of these data. Nevertheless, it adds, the data is mainly stored to have a better insight into the country’s hydrocarbon potential and ultimately make new commercial discoveries.

Created in 1999, the PIC was assigned the missions to collect, store, archive, and manage Cameroon's heritage in any form whatsoever. This heritage consists, in particular, of oil and gas drilling samples, seismic data, and well logs.

Since its creation, the PIC has identified, repatriated, organized, and sometimes reprocessed digital data that were held by oil operators. It is also keeping some physical data in its archive rooms. Also, it collected drilling samples (like muds) as well as samples from the subsoil or the seabed from operators still active in the mining industry. The samples were indexed and are provisionally stored at the Hydrac SA.

Sylvain Andzongo

cameroon-close-to-2-7-mln-people-are-food-insecure-government
Close to 2.7 million people are food insecure in Cameroon, according to Minister of Agriculture and Rural Development Gabriel Mbairobé. The official...
cameroon-public-companies-recorded-xaf452-5-bln-of-external-debt-at-end-2020-caa
As of December 31, 2020, public companies’ external debt was XAF452.5 billion, according to the national sinking fund CAA. The Same source informs...
cameroon-appoints-the-11-members-of-the-national-mining-corporation-s-board-of-directors
On April 14, 2021, President Paul Biya signed a decree appointing 11 members of the Board of Directors of the National Mining Corporation (SONAMINES),...
cameroon-eurobond-repcam-9-5-19-nov-2025-becomes-attractive-days-after-refinancing-announcement
Since the announcement of the choice of Rothschild & Co as the lead arranger of Cameroon's second Eurobond operation, the quality of  REPCAM...

Mags frontpage


Business in Cameroon n98: March 2021

State personnel Time for a slimming diet


More support to boost the Cameroonian industry’s competitiveness


Investir au Cameroun n108: Mars 2021

Personnel de l’Etat Un régime minceur s’impose


Un soutien à la compétitivité de l’industrie camerounaise