Three new oil fields entered into production in 2014

Cameroon oil production from October 31, 2014 was 22.69 million barrels, announced the national society of hydrocarbons (SNH) in the release having sanctioned the last Board of Directors of the public company. Compared to the same period in 2013, 2014 oil production is up 15.10%.

This increase is due, revealed the SNH, to the entry into production of three new oil fields, i.e. fields Padouk, inter IGP-Barombi and Barombi. The production of these fields helped boost national production over the first 10 months of the year, production also pulled upwards by "increase in the production of the Dissoni field", located in onshore, stressed SNH.

Over the period November-December 2014, theoretically nearly 8 million barrels of oil was produced on Cameroonian territory, in order to achieve the objective of 30 million barrels set by the Government at the beginning of the year.

Similarly, specified the SNH, at two months from the end of the fiscal year 2014, only 435 billion Cfa francs had already been transferred to the public Treasury. At year-end, the State expects oil revenues to 718 billion franc Cfa.

According to "the economic papers", review paper published by the Cameroonian representation of the World Bank, "medium-term oil production could be more than double thanks to the exploitation of new oil fields."

According to projections of the national company of hydrocarbons (SNH), it could reach the 57 million barrels by 2016, compared with the 24.4 million barrels by 2013".