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Cameroon State oil chief sees 2013 crude production up 9%

11th February 2013

By: Reuters

  

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YAOUNDE – Cameroon’s oil production was expected to rise 9% in 2013 as new wells came into production, the head of the central African nation's State oil company National Hydrocarbons Corporation (SNH) said on Friday.

The country's modest oil production rose 3.5% in 2012 to 22.37-million barrels last year, as new wells came on stream after slumping the previous years due to mature wells.

“Oil production will continue to rise in 2013... we expect a production increase of about 9%,” SNH chief executive Adolphe Moudiki told Reuters.

“Operators Addax and Glencore have announced discoveries they made respectively in two different offshore blocks; Iroko’s Padouk-1 well and Bolongo’s Oak-IX well,” Moudiki said.

He said measures had been taken to drill all wells this year after a lack of drilling rigs delayed work at several wells last year.

Cameroon's oil production peaked at 185 000 barrels a day in 1986 but had since declined steadily to stand at 63 900 barrels a day in 2011.

Moudiki said the country planned to boost production to about 90 000 barrels a day in 2013.

Though a cocoa, coffee and bauxite producer, crude oil was the country's main export product, accounting for 39% of exports and about 45% of foreign exchange earnings.

Edited by Reuters

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