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 2015e 2016f 2017f 2018f 2019f 2020f
e/f = BMI estimate/forecast. Source: National sources, BMI
Crude, NGPL & other liquids prod, 000b/d 80.8 95.6 97.5 99.5 102.2 105.3 104.2
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
Dry natural gas production, bcm 0.3 0.3 0.3 1.9 2.7 2.9 2.9
Dry natural gas consumption, bcm 0.6 0.7 0.7 1.2 1.2 1.3 1.3
Brent, USD/bbl 99.50 53.60 46.50 57.00 62.00 65.00 71.00
  • Ongoing exploration provides much-needed upside risk to Cameroon's oil and gas 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 companies 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. As of early 2016, the company reported that its extended flow test programme at the Moambe and Zingana wells on Bomono is now complete, with promising results which support plans for initial supply of between 51-61mn cubic metres of gas per day, geared towards power generation. In April 2016, the company secured a one-year extension to the Bomono exploration permit as it seeks approval towards development of the finds. The company has also reportedly begun discussions with potential gas offtakers and signed an MOU ENEO.

  • 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 North Matanda field is estimated to hold an estimated P50 'gas-in-place' volume of 1.8 Tcf and 'condensate-in-place' of 136 Mmbbl. A work programme was submitted for further seismic and well drillings targeted by Q416.

  • We have recently increased our Cameroon oil production forecast as a result of stronger-than-expected oil production growth over 2015. We now expect production will continue on a slow, but upward trajectory to above 100,000b/d until 2020, with upside risks based on pending development plans.

  • 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
15
Upstream Projects
15
Table: Cameroon Upstream Project Database
15
Upstream Production - Oil
18
Latest Updates
18
Structural Trends
18
Table: Oil Production (Cameroon 2014-2019)
20
Table: Oil Production (Cameroon 2020-2025)
21
Upstream Production - Gas
21
Latest Updates
21
Structural Trends
21
Table: Gas Production (Cameroon 2014-2019)
26
Table: Gas Production (Cameroon 2020-2025)
26
Refining
26
Latest Updates
26
Structural Trends
27
Table: Refining Capacity and Refined Products Production (Cameroon 2014-2019)
29
Table: Refining Capacity and Refined Products Production (Cameroon 2020-2025)
29
Refined Fuels Consumption
29
Latest Updates
29
Structural Trends
30
Table: Refined Products Consumption* (Cameroon 2014-2019)
31
Table: Refined Products Consumption* (Cameroon 2020-2025)
31
Gas Consumption
31
Latest Updates
31
Structural Trends
32
Table: Gas Consumption (Cameroon 2014-2019)
34
Table: Gas Consumption (Cameroon 2020-2025)
34
Trade - Oil
35
Crude Oil Forecasts
35
Latest Updates
35
Structural Trends
35
Table: Crude Oil Net Exports (Cameroon 2014-2019)
37
Table: Crude Oil Net Exports (Cameroon 2020-2025)
37
Refined Fuels Trade Forecasts
37
Latest Updates
37
Structural Trends
37
Table: Refined Fuels Net Exports (Cameroon 2014-2019)
38
Table: Refined Fuels Net Exports (Cameroon 2020-2025)
39
Trade - Gas (Pipeline And LNG)
39
Table: Gas Net Exports (Cameroon 2014-2019)
39
Table: Gas Net Exports (Cameroon 2020-2025)
40
Latest Updates
40
Structural Trends
40
Industry Risk/Reward Index
44
Africa - Oil & Gas Risk/Reward Index
44
Table: BMI Africa Oil & Gas Risk/Reward Index
44
Above-Ground Risks Dulling Below-Ground Potential
47
Table: BMI Africa Upstream Risk/Reward Index
47
Downstream Sector Holds Limited Opportunity
50
Table: BMI Africa Downstream Risk/Reward Index
50
Cameroon - Risk/Reward Index
53
Upstream Index
53
Downstream Index
54
Market Overview
55
Cameroon Energy Market Overview
55
Regulatory Structure
55
Fiscal Regime
56
Table: Cameroon Fiscal Regime
56
Licensing Regime
56
Table: Cameroon Licensing Regime
56
Oil And Gas Infrastructure
57
Oil Refineries
57
Table: Refineries In Cameroon
57
Service Stations
57
Oil Storage Facilities
57
Oil Terminals/Ports
57
Oil Pipelines
58
LNG Terminals
58
Competitive Landscape
60
Competitive Landscape Summary
60
Table: Key Players - Cameroon Energy Sector
62
Table: Key Upstream Players
62
Table: Key Downstream Players
62
Company Profile
63
Perenco
63
Company Overview
63
Latest Updates
64
Regional Overview
65
Africa - Bullish Gas, Bearish Oil
65
Table: Africa Oil & Gas Production, Consumption, Refining Capacity And Trade
73
Glossary
74
Table: Glossary Of Terms
74
Methodology
76
Industry Forecast Methodology
76
Source
78
Risk/Reward Index Methodology
78
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
80
Table: Weighting
81

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.