Cameroon - Developing oil resources

The 2020-2024 development plan of the National Hydrocarbons Company (SNH) aims in particular to optimize oil and gas revenues. SNH, a key strategic operator in the hydrocarbons-refining-petrochemicals sector, will have to contribute to Cameroon's economic growth within the framework of Vision 2035, by ensuring stable, even growing, revenues during the targeted period, through good development of hydrocarbon resources, but also, an increase in the Transit fee to be paid to the State by the Cameroon Oil Transportation Company (Cotco), which operates the Chad/Cameroon pipeline.

Perenco is today the leading operator in Cameroon in terms of production, with operations in the Rio del Rey and Douala basins, and an oil and gas production of 65,000 boepd (51,000 barrels per day and 24 million m3 of gas per day).

Perenco operates two FSOs (Floating Storage and Offloading): La Lobe, storing crude oil from Ebome, and the FSO Massongo, a 272,000 DWT tanker converted into a storage unit for crude oil from Lokele and Kole. Perenco has been operating in Cameroon since 1993, working closely with the Société Nationale des Hydrocarbures (SNH).

The investment strategy aims to both develop drilling campaigns near its current fields (North Dissoni, Inter Inoua Barombi, Bojongo), but also to optimize production through numerous well reconditioning operations, development of new reservoirs, and stimulation actions. This strategy has been rewarded by a 100% increase in production over four years.

Cameroon, which produces crude oil and imports refined products (gasoline, diesel, Jet A1, fuel oil) expects its oil sector to grow by 0.5% in 2023, for an overall GDP growth of 4.6%, according to the circular relating to the preparation of the State budget for the 2023 financial year.

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A new petroleum code
Cameroon adopted a new petroleum code through Law No. 2019/008 of April 25, 2019, in the context of reforming petroleum legislation in French-speaking sub-Saharan Africa and a renewed desire to rebalance the interests of investors and states. This law repeals and replaces Law No. 99-013 of December 22, 1999, on the Petroleum Code, under which 23 petroleum contracts were signed, the most recent of which was dated February 21, 2019.

Formally, the new text is more comprehensive and contains 138 articles (125 for the old Code). In terms of content, the new articles provide precise information on their subjects. This increase in precision is confirmed by the definition of the terms used. In total, there are 49 definitions, including 26 new ones and 8 amended definitions, unlike the old Petroleum Code, which contained 21.

The innovations of the new code focus on improving the legal regime of oil contracts, improving the local content regime, establishing investment incentives, reorganizing oil taxation and establishing specific sanctions in the event of non-compliance with oil legislation.