Middle East / Africa
Country profile: Cameroon
|Location:||Western Africa, bordering the Bight of Biafra, between Equatorial Guinea and Nigeria|
|Climate:||varies with terrain, from tropical along coast to semiarid and hot in north|
|Terrain:||diverse, with coastal plain in southwest, dissected plateau in center, mountains in west, plains in north|
|Size:||475440 sq. km total (Land area: 469440 sq. km Water area: 6000 sq.km)|
|Languages:||24 major African language groups, English (official), French (official)|
|Government:||republic; multiparty presidential regime|
|Legal system:||based on French civil law system, with common law influence; accepts compulsory ICJ jurisdiction|
|Currency:||Communaute Financiere Africaine franc (XAF); note|
In the last three years, Chad’s economy has experienced strong economic growth from its oil industry. In 2004, foreign investments into Chad and petroleum exports via the Chad-Cameroon pipeline were the primary driving forces behind the country’s considerable real gross domestic product growth (GDP) rate of 30 percent. In 2005, high oil prices attributed to Chad’s GDP growth rate of 7 percent. Investments in Chad’s oil industry have led to growth in other areas as well, such as the trade, transportation, and public services sectors. Additional economic growth is expected to come from foreign investment in new oil exploration licenses that are to be offered in 2007. Although oil production was not impeded, Chad experienced civil strife throughout 2006, which included rebel forces marching on the capital, N’Djamena.
Cameroon’s economy has exhibited steady economic growth since the mid 1990’s. However, the country saw a slight decline in real GDP growth after the completion of the Chad-Cameroon pipeline. In 2005, the real GDP growth rate was 2.6 percent. High energy prices have helped offset economic growth declines, but they have also increased inflationary pressures in Cameroon. In 2005, inflation was 2 percent. In May 2006, the International Monetary Fund (IMF) and the World Bank indicated that Cameroon had completed its obligations under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Cameroon will now receive more than $1 billion in bilateral debt relief and additional multilateral aid, which together, will provide a 50 percent reduction in the country’s total external debt. Chad became a net petroleum exporter after the Chad-Cameroon pipeline came online in 2003. Industry experts still consider Chad under-explored, and future oil discoveries could increase petroleum exports even more. Chad lacks refining infrastructure and relies on neighboring Cameroon and Nigeria for refined product imports, however, delivery problems often leave Chad faced with refined product shortages.
Chad has no known natural gas reserves and neither produces nor consumes natural gas. Due to a lack of investment, Chad generates and consumes only small amounts of electricity, of which, 100 percent is conventional thermal electricity. In place of electricity, the majority of Chadians rely on biomass fuels such as wood and animal dung. Cameroon has experienced a fairly steady decline in its domestic oil production over the past 20 years. The country is still a net oil exporter, but if new fields do not come online in the near future, Cameroon could become a net oil importer. Currently, Cameroon does not produce any natural gas, but the country has plans to develop its natural gas reserves for generating electricity in the future. The majority of electricity generated in Cameroon comes from hydroelectric power stations, though droughts can often leave the country dealing with electricity shortages.
Energy production and consumption
|Production:||82,670 bbl/day (2005 est.)|
|Consumption:||24,200 bbl/day (2005 est.)|
|Exports:||107,400 bbl/day (2005 est.)|
|Imports:||63,710 bbl/day (2005 est.)|
|Reserves:||95 million bbl (2007 est.)|
Cameroon - recent news
|01 Apr 21
||Victoria Oil and Gas announces corporate and operational update
Victoria Oil & Gas, the Cameroon based gas and condensate producer and distributor, has provided a general corporate and operational update on key matters. In Russia, the Company has signed a non-binding term sheet with a potential buyer of VOG's West Medvezhye (West Med) licence.
|31 Mar 21
||Cameroon: Tower Resources awarded further extension of the First Exploration Period of the Thali PSC
AIM-listed Tower Resources has announced an update regarding planned operations on the Thali license in Cameroon and the NJOM-3 well. The Government of Cameroon has has approved a further extension of the First Exploration Period of the Thali PSC to facilitate the drilling of the NJOM-3 well.
|30 Mar 21
||Cameroon: Bowleven announces interim results
Bowleven, the Africa focused oil and gas, exploration and production company with key interests in Cameroon, has announced its unaudited interim results for the six months ended 31 December 2020. During 2020, the Company made progress towards achieving FID at Etinde.
|28 Jan 21
||Cameroon: Victoria Oil and Gas announces Q4 2020 operational update
Victoria Oil & Gas, the Cameroon based gas and condensate producer and distributor, has provided an operations update for the fourth quarter of 2020.
|25 Jan 21
||Cameroon: New Age receives formal approval to apply for a new Etinde Exploitation Agreement
Bowleven, has announced that New Age, Operator of the Etinde licence, offshore Cameroon, has received formal approval to apply for a new Etinde Exploitation Agreement (EEA).
Cameroon - more news
Other countries in this region
- Central Africa Republic,
- Congo (Brazzaville),
- Congo (Democratic Rep.),
- Cote d'Ivoire,
- Equatorial Guinea,
- Guinea (Republic),
- Guinea Bissau,
- Sao Tome,
- Saudi Arabia,
- Sierra Leone,
- South Africa,
- South Sudan,
- United Arab Emirates,
- Western Sahara,