Cameroon delegation visits LAGCOE to seek out industry expertise

10/10/2019

A delegation of 20 companies from Cameroon visited LAGCOE this week, seeking industry expertise and investment dollars to meet the West African nation’s growing energy challenges.

The country’s petroleum demands are growing by 8% to 10% each year, but limited assets and loss of critical infrastructure means only about 30% of demand can be met domestically.

The National Hydrocarbons Corporation is embarking on a plan to expand domestic production capabilities, offering up nine new blocks for auction. The blocks, containing 90% of Cameroon’s current production, are adjacent to established Nigerian offshore basins.

Cameroon produces approximately 70,000 bopd, but delegates pointed out that the country has 300 MMbbl of proved, but not produced oil reserves, 6 Tcf of proved gas reserves, and “many billions in exploration reserves.”

A series of incentives was introduced to encourage exploration in the region, including reduced tax rates, tax exemptions on profits and dividends, special incentives for inland frontier areas, and customs duties exemptions.

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