According to the SNH (National Hydrocarbons Company, an organization with the objective of analysing the exploration and exploitation of oil and gas in Cameroon), a total of 121,680 million FCFA has been registered in oil sales between January and April 2021 in Cameroon.
Unlike last year, where Cameroonian crude fell almost 40% from the pandemic, this year world oil prices have been considerably more favourable. This improvement trend has been observed since January of this year. Currently the price of a barrel is around 70 dollars; With this price, Cameroon has revised the increase in oil revenue forecasts in its annual budget, from 418 billion to 561 billion.
This increase in oil revenues is also due to an increase in production. According to the state oil company, national production rose to 13.25 million barrels.
According to production contracts signed with companies operating in Cameroon\’s oil fields, part of this large production returned to the state of Cameroon itself. This part destined for the state itself has contributed to meeting the needs of domestic and natural gas at the local level.