Business

Cameroon – Hydrocarbons: Oil production down by 20.8% in the first four months of 2017

Written by Deckson N.

The activities carried out by the National Hydrocarbons Corporation (SNH) between January and April 2017 were presented to the Board of Directors on June 6th in Yaoundé by SNH Managing Director Adolphe Moudiki.

The production investment budget was reduced from USD 311.72 million at the end of 2016 to USD 285.45 million for 2017. As a result of this decline in investment, production was 9.74 million barrels as of April 30, down 20.8% compared to the same period of the previous year, “reads the final communiqué signed by Adolphe Moudiki.

Gas production, on the other hand, totaled 4341.7 million cubic feet in the first four months of 2017, up 1.29% from the same period in 2016.

The quantities of crude oil sold by the SNH on behalf of the State amount to 5.763 million barrels as of April 30, 2017, 29.59% less than a year earlier.

Sales made by the SNH made it possible to transfer to the public treasury between January and April, after deduction of production expenses, the cumulative amount of 108.46 billion FCFA. These transfers are up 31.56% compared to the same period in 2016, thanks to the improvement in crude oil prices on the international market.

About the author

Deckson N.

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