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
|15 Jan 20
||Cameroon: Tower Resources granted one-year extension to the Exploration Phase of the Thali PSC
Tower Resources has been granted a further exceptional one-year extension to the initial period of the Exploration Phase of the Thali PSC, offshore Cameroon, for the purpose of completing the NJOM-3 well currently in process on the Njonji structure.
|29 Nov 19
||Cameroon: Bowleven announces preliminary results and an update on its operations in Cameroon
Bowleven, the Africa focused oil and gas exploration group traded on AIM, has announced its preliminary results for the year ended 30 June 2019 and has provided an update on its operations in Cameroon.
|01 Nov 19
||Cameroon: Tower Resources announces Cameroon operational update
Tower Resources has signed a contract with Geoquip Marine Operations to conduct the site survey at the intended NJOM-3 well location on the Company's Thali license in Cameroon.
|28 Aug 19
||Cameroon: Tower Resources announces Cameroon operational and financing update
Tower Resources has provided an update on operations on the Thali block in Cameroon and on well financing. A Letter of Intent ('LOI') has been signed to use the COSL Seeker rig to drill the NJOM-3 well. In respect of well financing, the Company is continuing farm-out discussions with multiple parties who are currently undertaking due diligence.
|30 Jul 19
||Cameroon: Tower Resources extends Bridging Loan Facility - continues Cameroon farmout negotiations
Tower Resources has announced an extension of its Bridging Loan Facility of US$750,000. The purpose of the Facility is to cover working capital while the Company seeks to finalise funding arrangements for the drilling of the NJOM3 well on the Thali licence, offshore Cameroon.
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,