Yaounde, Cameroon – Cameroon’s 25 percent increase in oil production in 2014 will take daily output to just over 82,000 barrels of oil per day (bpd), the Cameroon state oil company Societe National Des Hydrocarbures (SNH) said on Thursday.
The increase is driven by the November 2013 start of oil production from the Mvia offshore oil field in the Douala-Kribi-Campo basin. However, output is well down levels of around 185,000 bpd in the mid 1980s.
“In 2014, Cameroon aims to produce around 30 million barrels, over 6 million barrels more than the previous year,” SNH said in a statement.
Oil accounts for 39 percent of exports and close to 45 percent of foreign exchange earnings in the Central African nation, according to the World Bank.
London-listed Bowleven, Sinopec unit Addax Petroleum, French oil firm Perenco and Kosmos operate in the country.
Cameroon has launched a new bidding round for four oil blocks for the Bomana, Lungahe and Ndian River blocks in the Rio del Rey Basin and the Manyu block in the Mamfe Basin.
The deadline for submissions is June 26 and the results will be released in mid-July.