Exploration/production: Progress in 2017
A new Production Sharing Contract (PSC) signed in 2017
The Government of Cameroon and Noble Energy Cameroon Ltd. initialled the contract on 1st June 2017. It relates to the Yoyo block, which covers a surface area of more than 679 km2 in the Douala/Kribi-Campo basin. Geological and geophysical studies and drilling operations carried out on this block have revealed hydrocarbon resources estimated at 47 billion cubic metres of natural gas and 18 million barrels of condensate. The new Yoyo PSC should allow for the development of these resources in accordance with the provisions by the Petroleum Code, which includes specific provisions for the development of natural gas. The Yoyo contract has a 25-year term, renewable once for ten years.
Gas production on the rise
National crude oil production stood at 27,72 million barrels in 2017, as against a production of 33.69 million barrels in 2016. The decline is related, on the one hand, to lower investment as a result of lower crude oil prices and, on the other hand, to the natural decline in producing fields.
Natural gas production stood at 435.79 million m3, up 22% compared to the previous year, due mainly to an increase in the consumption of the Kribi thermal power plant.