Oil production drops, as gas production
climbs
By Numh Rogers
The National Hydrocarbons Corporation (SNH)
has reported a 20.8% drop in oil production for the first four months of 2017.
The report was presented to board members on Tuesday 6 June 2017.
Oil
production for this year up until April 30 stood at 9.74 million barrels.
This
fall is in line with a calculated move by OPEC countries to scale down on
production in order to increase the price of crude oil which has fallen sharply
in past recent years, affecting their economies negatively. Their goal has been
achieved, with a steady rise in oil prices.
The
ripples of this decision in Cameroon have been a reduction in the production
budget of SNH. Another reason for the fall in production is the progressive
drying up of oil wells which are presently being exploited.
Meanwhile,
gas production is up by 1.29 % compared to same period last year. First quarter
production stands at 4341.7 cubic feet.
These
figures only stand to get better with the near-completion of the Floating
Liquefied Natural Gas project (FLNG) which aims at installing a gas factory off
the shores of Kribi. SNH reports that works to transform the vessel
HilliEpiseyo into this gas plant are at 97%. Construction works at the Bipaga
gas treatment center are also at 91% completion.
In
addition, the envisaged exploitation of an estimated 47 billion cubic meters of
natural gas found in Douala/Kribi-Campo basin in the south of the country is
bound to boost production.
Hydrocarbons
are an important source of revenue to the government of Cameroon. SNH reports
that sales have provided the sum of 108.46 billion CFA Francs for the first
quarter of 2017. This translates into an increase by 31.56% compared to the
same period last year.
Pic
Adolphe MOUDIKI, DG SNH
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