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
|02 Jan 19
||Cameroon: Victoria Oil & Gas receives Presidential Decree for acquisition of 75 percent interest in Matanda Block
Victoria Oil & Gas has announced that its wholly owned subsidiary Gaz du Cameroun has received the Decree signed by H.E President Paul Biya on December 17, 2018, authorising the transfer of interest in the Matanda PSC assigned from Glencore in early 2016.
|07 Dec 18
||Cameroon: Tower Resources signs drilling contract for NJOM-3 well in the Thali licence, offshore Cameroon
Tower Resources has signed a contract with Vantage Drilling International for the Topaz Driller jack-up rig to provide drilling operations for the NJOM-3 well which is planned for Tower’s 100% owned and operated Thali licence, offshore Cameroon, in Q2 2019.
|08 Nov 18
||Cameroon: Bowleven announces preliminary results - updates Cameroon operations
Bowleven, the Africa focused oil and gas exploration group traded on AIM, has announced its preliminary results for the year ended 30 June 2018 and provided an update on its operations in Cameroon.
|01 Nov 18
||Cameroon: Tower Resources announces Cameroon Reserves Report and operational update
Tower Resources has announced the results of an independent Reserves Report across its Thali licence, offshore Cameroon in which it holds a 100% licence interest. The Company has also provided an operational update on Cameroon. An offer of financing from an industry partner for the Thali licence has been received and is being considered alongside other funding options.
|22 Oct 18
||Cameroon: Victoria Oil & Gas announces Q3 2018 operations update and Non-Grid business developments
Victoria Oil & Gas has provided an update on the Group's operations for the three months ended 30 September 2018. The Company has also provided more details of its 'Non-Grid' business and its 'Energy Well' concept which aims to provide power to people in Cameroon that have no access to grid power.
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,