Cameroon’s oil output up by nearly a quarter in first half of 2015

Cameroon’s first-half oil production rose by nearly a quarter accompanied by higher gas output, national hydrocarbons company SNH said on Friday.

The Central African country has been pumping oil since 1977, hitting a peak of 185,000 barrels per day (bpd) 10 years later before slipping.

Production rose to 16.44 million barrels in the first half of 2015, or about 91,000 bpd, up 23 percent from a year earlier.

SNH did not give a reason for the higher production.

It said oil sales increased, with Chad shipping its crude oil through the Chad-Cameroon pipeline since January.

SNH’s crude oil sales rose to 10.73 million barrels of oil, up by about 40 percent, although that may not account for the total sales out of Cameroon during that time period.

Gas production rose by 24 percent; 7.29 million square feet, SNH said.
Although global crude oil prices have slumped this year, Cameroon was able to add 173.44 billion CFA francs ($287.62 million) to its coffers between January and June because of higher output, SNH said.

The government estimates it will earn 264.25 billion CFA francs ($438.22 million) from oil and gas activities this year. Oil accounts for about 45 percent of Cameroon’s foreign exchange earnings.
($1 = 603.0100 FCFA)