Cameroon Oil & Gas Report

Providing expert analysis, independent forecasts and competitive intelligence on the oil and gas industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Oil & Gas Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles, Competitive Landscape and Global and Regional Overview.

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Cameroon Oil & Gas Report
Product Price
$1,295.00

BMI View: With an FID on Golar LNG and a stronger - than - expected oil production growth, Cameroon benefited f ro m an upward revision in both oil and gas production over our forecast period. In addition, the country will now become an LNG net exporter from 2017 onward, an important tool for exports diversification , notably after the large oil price drop over the past year. Nevertheless, we maintain that Cameroon remains a modest oil and gas producer and more exploration will need to take place to boost its long-term prospects further.

Headline Forecasts (Cameroon 2014-2020)
2014 2015 e 2016f 2017f 2018f 2019f 2020f
e/f = BMI estimate/forecast. Source: National sources, BMI
Crude, NGPL & other liquids prod, 000b/d 81.0 89.1 86.7 87.0 89.3 88.9 86.2
Dry natural gas production, bcm 0.3 0.3 0.3 1.9 2.7 2.8 2.8
Dry natural gas consumption, bcm 0.6 0.6 0.7 1.2 1.2 1.3 1.3
Refined products production, 000b/d 43.2 43.2 43.2 58.3 59.5 60.1 60.7
Refined products consumption & ethanol, 000b/d 40.7 43.1 45.7 48.4 51.3 54.4 57.1
Brent, USD/bbl 99.50 53.60 42.50 53.00 55.00 60.00 67.00
  • Ongoing exploration provides much-needed upside risk to Cameroon's oil reserves. The country's offshore basins are the most prospective, with the Rio del Rey Basin to attract the most interest. In the context of bearish oil prices, we believe that Cameroon stands to benefit from international oil companies (IOCs) refocusing investments towards more proven and shallow-water offshore plays.

  • In December 2015, Bowleven submitted the Bomono Exploitation Authorisation Application (BEAA) to the Cameroon authorities as planned. The BEAA outlines plans to develop Bomono following completion of the ongoing extended well testing programme.

  • In February 2016, Victoria Oil and Gas further expanded its presence in the area by reaching an agreement with Glencore Exploration Cameroon Limited and Afex Global Limited to acquire a 75% interest in Cameroon's Matanda PSC, with AFEX retaining a 25% share. The companies plan to submit a new work program to the Government of Cameroon for approval and expect to commence the first phase of seismic data acquisition in the fourth quarter of 2016.

  • We estimate oil production rose to just under 90,000b/d in 2015 and we expect production to remain close to this level until 2020, with several small field developments offsetting the decline at maturing fields. However, new exploration and discoveries will be necessary if Cameroon is to stabilise or grow its output and conserve its net export potential in the longer term.

  • We maintain our current refining forecast, keeping it unchanged this quarter. There are no updates on progress toward the Limbe refinery expansion plans. We note increasing downside risks to the project over the coming quarters, with the government critically lacking funds due to falling oil prices.

  • A small boost in crude oil production should maintain Cameroon's status as a net crude oil exporter in the medium term. The refinery expansion project should help boost Cameroon's small net refined products exports by 2017.

  • We have revised up our Cameroon natural gas production forecast following the final approval made by Golar and Perenco on the Cameroon floating liquefied natural gas (FLNG) project. The project will see production ramp-up by a further 1.6 billion cubic metres (bcm) over 2017-2018 to feed to LNG terminal.

  • Gas consumption is still very small, but is slowly ramping up as gas supply agreements with power generation companies and manufacturing companies are being put into place. The ramp-up will continue to 2019, by which time gas production ramp-ups will be geared toward the Golar FLNG project, resulting in a stagnation of gas available for domestic consumption unless production ramps up further.

  • Following a final investment decision (FID) on the Golar FLNG project in October 2015, we have included the FLNG project within our forecast period. The project will effectively turn Cameroon into a gas exporter from 2017 onwards, with LNG net exports of 1.5bcm-1.6bcm from 2018 onwards.

BMI Industry View
7
Table: Headline Forecasts (Cameroon 2014-2020)
7
SWOT
9
Oil & Gas SWOT
9
Industry Forecast
10
Upstream Exploration
10
Latest Updates
10
Structural Trends
10
Table: Cameroon Licensing Round
14
Upstream Projects
15
Table: Cameroon Upstream Project Database
15
Upstream Production - Oil
17
Latest Updates
17
Structural Trends
17
Table: Oil Production (Cameroon 2014-2019)
19
Table: Oil Production (Cameroon 2020-2025)
19
Upstream Production - Gas
20
Latest Updates
20
Structural Trends
20
Table: Gas Production (Cameroon 2014-2019)
23
Table: Gas Production (Cameroon 2020-2025)
24
Refining
24
Latest Updates
24
Structural Trends
24
Table: Refining Capacity and Refined Products Production (Cameroon 2014-2019)
26
Table: Refining Capacity and Refined Products Production (Cameroon 2020-2025)
27
Refined Fuels Consumption
27
Latest Updates
27
Structural Trends
27
Table: Refined Products Consumption (Cameroon 2014-2019)
29
Table: Refined Products Consumption (Cameroon 2020-2025)
29
Gas Consumption
29
Latest Updates
29
Structural Trends
29
Table: Gas Consumption (Cameroon 2014-2019)
32
Table: Gas Consumption (Cameroon 2020-2025)
32
Trade - Oil
33
Crude Oil Forecasts
33
Latest Updates
33
Structural Trends
33
Table: Crude Oil Net Exports (Cameroon 2014-2020)
35
Table: Crude Oil Net Exports (Cameroon 2020-2025)
35
Refined Fuels Trade Forecasts
35
Latest Updates
35
Structural Trends
35
Table: Refined Fuels Net Exports (Cameroon 2014-2019)
36
Table: Refined Fuels Net Exports (Cameroon 2020-2025)
37
Trade - Gas (Pipeline And LNG)
37
Table: Gas Net Exports (Cameroon 2014-2019)
37
Table: Gas Net Exports (Cameroon 2020-2025)
38
Latest Updates
38
Structural Trends
38
Industry Risk/Reward Index
42
Africa - Oil & Gas Risk/Reward Index
42
Table: BMI Africa Oil & Gas Risk/Reward Index
42
Above-Ground Risks Dulling Below-Ground Potential
45
Table: BMI Africa Upstream Risk/Reward Index
45
Downstream Sector Holds Limited Opportunity
48
Table: BMI Africa Downstream Risk/Reward Index
48
Cameroon - Risk/Reward Index
50
Market Overview
52
Cameroon Energy Market Overview
52
Regulatory Structure
52
Fiscal Regime
53
Table: Cameroon Fiscal Regime
53
Licensing Regime
53
Table: Cameroon Licensing Regime
53
Oil And Gas Infrastructure
54
Oil Refineries
54
Table: Refineries In Cameroon
54
Service Stations
54
Oil Storage Facilities
54
Oil Terminals/Ports
54
Oil Pipelines
55
LNG Terminals
55
Competitive Landscape
57
Competitive Landscape Summary
57
Table: Key Players - Cameroon Energy Sector
59
Table: Key Upstream Players
59
Table: Key Downstream Players
59
Company Profile
60
Perenco
60
Other Summaries
64
Regional Overview
72
Africa - Bullish Gas, Bearish Oil
72
Table: Africa Oil & Gas Production, Consumption, Refining Capacity And Trade
80
Glossary
81
Table: Glossary Of Terms
81
Methodology
83
Industry Forecast Methodology
83
Source
85
Risk/Reward Index Methodology
85
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
87
Table: Weighting
88

The Cameroon Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Cameroon including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Cameroon Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Cameroonian oil and gas industry.

Key Benefits

  • Benchmark BMI's independent oil and gas industry forecasts for Cameroon to test consensus views - a key input for successful budgeting and strategic business planning in the Cameroonian oil and gas market.
  • Target business opportunities and risks in the Cameroonian oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Cameroon.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:

  • Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
  • Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
  • Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.

BMI’s Oil & Gas Risk Reward Index

BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Competitive landscape

Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Regional Overview

Regional perspective on size and value of the industry. Plus comparative rankings by production, refining, imports and exports of oil, gas and LNG.

Global Oil Market & Oil Products Outlook

Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2024 for oil, gas and oil products.

Sources

The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.