Cameroon Oil and Gas Report Q3 2016

Date: July 13, 2016
Pages: 81
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: With an FID on Golar LNG and a stronger-than-expected oil production growth, Cameroon benefited from 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.
  • 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.
BMI Industry View
  Table: Headline Forecasts (Cameroon 2014-2020)
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
  Table: Cameroon Licensing Round
Upstream Projects
  Table: Cameroon Upstream Project Database
Upstream Production - Oil
Latest Updates
Structural Trends
  Table: Oil Production (Cameroon 2014-2019)
  Table: Oil Production (Cameroon 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
  Table: Gas Production (Cameroon 2014-2019)
  Table: Gas Production (Cameroon 2020-2025)
Latest Updates
Structural Trends
  Table: Refining Capacity and Refined Products Production (Cameroon 2014-2019)
  Table: Refining Capacity and Refined Products Production (Cameroon 2020-2025)
Refined Fuels Consumption
Latest Updates
Structural Trends
  Table: Refined Products Consumption* (Cameroon 2014-2019)
  Table: Refined Products Consumption* (Cameroon 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
  Table: Gas Consumption (Cameroon 2014-2019)
  Table: Gas Consumption (Cameroon 2020-2025)
Trade - Oil
Crude Oil Forecasts
Latest Updates
Structural Trends
  Table: Crude Oil Net Exports (Cameroon 2014-2019)
  Table: Crude Oil Net Exports (Cameroon 2020-2025)
Refined Fuels Trade Forecasts
Latest Updates
Structural Trends
  Table: Refined Fuels Net Exports (Cameroon 2014-2019)
  Table: Refined Fuels Net Exports (Cameroon 2020-2025)
Trade - Gas (Pipeline And LNG)
  Table: Gas Net Exports (Cameroon 2014-2019)
  Table: Gas Net Exports (Cameroon 2020-2025)
Latest Updates
Structural Trends
Industry Risk/Reward Index
Africa - Oil & Gas Risk/Reward Index
  Table: BMI Africa Oil & Gas Risk/Reward Index
Above-Ground Risks Dulling Below-Ground Potential
  Table: BMI Africa Upstream Risk/Reward Index
Downstream Sector Holds Limited Opportunity
  Table: BMI Africa Downstream Risk/Reward Index
Cameroon - Risk/Reward Index
Upstream Index
Downstream Index
Market Overview
Cameroon Energy Market Overview
Regulatory Structure
Fiscal Regime
  Table: Cameroon Fiscal Regime
Licensing Regime
  Table: Cameroon Licensing Regime
Oil And Gas Infrastructure
Oil Refineries
  Table: Refineries In Cameroon
Service Stations
Oil Storage Facilities
Oil Terminals/Ports
Oil Pipelines
LNG Terminals
Competitive Landscape
Competitive Landscape Summary
  Table: Key Players - Cameroon Energy Sector
  Table: Key Upstream Players
  Table: Key Downstream Players
Company Profile
Company Overview
Latest Updates
Regional Overview
Africa - Bullish Gas, Bearish Oil
  Table: Africa Oil & Gas Production, Consumption, Refining Capacity And Trade
  Table: Glossary Of Terms
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Bmi's Oil & Gas Upstream Risk/Reward Index
  Table: Weighting
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Cameroon Oil and Gas Report Q3 2016
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