Cameroon oil and gas income jumps
YAOUNDE, March 7, 2016 – La Société Nationale des Hydrocarbures du Cameroun (SNH), the country’s state oil company, on Monday announced a 40% increase in oil and gas revenues on account of increased output.
According to SNH figures, the company sold 21.3 million barrels of oil and 850 mcm (10 bcf) of natural gas in 2015, a 26% rise over 2014. Oil and gas sales netted SNH some USD 1 billion, an increase of around USD 240 million compared with the previous year.
SNH credited the increase in output to added production from the Bojongo field. Production was also raised at the Inter-Inoua Barombi, Barombi Northeast and Padouk fields.
An oil producer since 1977, Cameroon’s output peaked at 185,000 bopd in 1986. Production went into decline until 2011, when new technology enabled the country to counter dwindling output from mature fields.