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 2013-2019)
2013e 2014e 2015e 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: National sources, BMI
Crude, NGPL & other liquids prod, 000b/d 62.8 81.0 89.1 86.7 87.0 89.3 88.9
Refined products production, 000b/d 41.9 43.2 43.2 43.2 58.3 59.5 60.1
Refined products consumption & ethanol, 000b/d 38.0 40.7 43.1 45.7 48.4 51.3 54.4
Dry natural gas production, bcm 0.3 0.3 0.3 0.3 1.9 2.7 2.8
Dry natural gas consumption, bcm 0.3 0.6 0.6 0.7 1.2 1.2 1.3
Brent, USD/bbl 108.70 99.50 55.00 51.00 53.00 55.00 60.00
  • 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 refocusing investments towards more proven and shallow-water offshore plays.

  • This quarter we have slightly increased our Cameroon oil production forecast as a result of stronger-than-expected oil production growth over H115. We now expect production will remain relatively stable at just under 90,000b/d until 2020 at minimum.

  • 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 2013-2019)
7
SWOT
9
Oil & Gas SWOT
9
Industry Forecast
10
Upstream Exploration
10
Table: Proven Oil And Gas Reserves (Cameroon 2013-2018)
10
Table: Proven Oil And Gas Reserves (Cameroon 2019-2024)
10
Table: Cameroon Licensing Round
15
Upstream Projects
16
Table: Upstream Project Database
16
Upstream Production - Oil
17
Table: Oil Production (Cameroon 2013-2018)
17
Table: Oil Production (Cameroon 2019-2024)
17
Upstream Production - Gas
20
Table: Gas Production (Cameroon 2013-2018)
20
Table: Gas Production (Cameroon 2019-2024)
20
Refining
24
Table: Refining Capacity And Refined Products Production (Cameroon 2013-2018)
24
Table: Refining Capacity And Refined Products Production (Cameroon 2019-2024)
24
Refined Fuels Consumption
27
Table: Refined Products Consumption (Cameroon 2013-2018)
27
Table: Refined Products Consumption (Cameroon 2019-2024)
27
Gas Consumption
29
Table: Gas Consumption (Cameroon 2013-2018)
29
Table: Gas Consumption (Cameroon 2019-2024)
29
Trade - Oil
33
Table: Crude Oil Net Exports (Cameroon 2013-2018)
33
Table: Crude Oil Net Exports (Cameroon 2019-2024)
33
Table: Refined Fuels Net Exports (Cameroon 2013-2018)
35
Table: Refined Fuels Net Exports (Cameroon 2019-2024)
35
Table: Total Net Oil Exports - Crude And Products (Cameroon 2013-2018)
37
Table: Total Net Oil Exports - Crude And Products (Cameroon 2019-2024)
37
Trade - Gas (Pipeline And LNG)
37
Industry Risk Reward Index
39
Cameroon - Risk/Reward Index
39
Africa Oil & Gas Risk/Reward Index
40
Table: BMI's Africa Oil & Gas Risk/Reward Index
42
Above-Ground Risks Dulling Below-Ground Potential
44
Table: BMI's Africa Upstream Risk/Reward Index
44
Downstream Sector Holds Limited Opportunity
47
Table: BMI's Africa Downstream Risk/Reward Index
47
Market Overview
50
Cameroon Energy Market Overview
50
Oil And Gas Infrastructure
55
Oil Refineries
55
Table: Refineries In Cameroon
56
Service Stations
56
Oil Storage Facilities
56
Oil Terminals/Ports
56
Oil Pipelines
56
LNG Terminal
57
Competitive Landscape
59
Competitive Landscape Summary
59
Table: Key Players - Cameroon Energy Sector
60
Table: Key Upstream Players
61
Table: Key Downstream Players
61
Company Profile
62
Perenco
62
Other Summaries
67
Regional Overview
74
Africa Oil & Gas Regional Overview
74
Global Industry Overview
82
Global Energy Market Overview
82
Table: Top 10 Global Oil Producers - Crude Oil, Condensates & NGLs Production ('000b/d)
82
Table: Oil Production Growth 2015-2024* ('000b/d)
85
Table: Oil Production Growth 2015-2024* ('000b/d)
86
Appendix
88
Africa - Regional Appendix
88
Table: Oil Consumption - Historical Data & Forecasts, 2012-2019 ('000b/d)
88
Table: Oil Consumption - Long-Term Forecasts, 2016-2024 ('000b/d)
89
Table: Oil Production - Historical Data & Forecasts, 2012-2019 ('000b/d)
90
Table: Oil Production - Long-Term Forecasts, 2016-2024 ('000b/d)
91
Table: Refining Capacity - Historical Data & Forecasts, 2012-2019 ('000b/d)
92
Table: Refining Capacity - Long-Term Forecasts, 2016-2024 ('000b/d)
93
Table: Gas Consumption - Historical Data & Forecasts, 2012-2019 (bcm)
94
Table: Gas Consumption - Long-Term Forecasts, 2016-2024 (bcm)
94
Table: Gas Production - Historical Data & Forecasts, 2012-2019 (bcm)
95
Table: Gas Production - Long-Term Forecasts, 2016-2024 (bcm)
96
Table: LNG Net Exports - Historical Data & Forecasts, 2012-2019 (bcm)
97
Table: LNG Net Exports - Long-Term Forecasts, 2016-2024 (bcm)
98
Cameroon - Total Hydrocarbons, 10-Year Forecasts
99
Table: Total Hydrocarbons Production, Consumption and Net Exports (Cameroon 2013-2018)
99
Table: Total Hydrocarbons Production, Consumption and Net Exports (Cameroon 2019-2024)
99
Cameroon - Refined Products Breakdown, 10-Year Forecasts
100
Table: Refined Petroleum Products, Production Breakdown (Cameroon 2013-2018)
100
Table: Refined Petroleum Products, Production Breakdown (Cameroon 2019-2024)
101
Table: Refined Petroleum Products, Consumption Breakdown (Cameroon 2013-2018)
102
Table: Refined Petroleum Products, Consumption Breakdown (Cameroon 2019-2024)
103
Table: Refined Petroleum Products, Net Exports Breakdown (Cameroon 2013-2018)
104
Table: Refined Petroleum Products, Net Exports Breakdown (Cameroon 2019-2024)
105
Glossary
107
Table: Glossary Of Terms
107
Methodology
109
Industry Forecast Methodology
109
Source
111
Risk/Reward Index Methodology
111
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
113
Table: Weighting
114

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.