Chinese-owned Addax Petroleum announces oil and gas discovery at the Padouk-1X well, Iroko Block, Cameroon.
Yaounde, Cameroon (Reuters) – Cameroon’s crude oil output is expected to increase by 25 percent in 2014 compared with the previous year as production from new fields come on-stream, state oil company National Hydrocarbons Corporation (SNH), said on Tuesday.
The Central African country, which borders top regional crude producers such as Nigeria, Equatorial Guinea, Gabon and Congo Republic, currently pumps less than 100,000 barrels per day, far below its peak of 185,000 bpd in the mid-1980s.
SNH said it produced about 19.71 million barrels by the end of October 2013.
“Production is expected to increase by 25 percent in 2014 with input from new fields, notably Mvia, which has recently started production,” SNH said in a statement.
The Mvia offshore oil field in the Douala-Kribi-Campo basin became operational in November 2013.
London-listed Bowleven, Sinopec unit Addax , French oil firm Perenco and Kosmos operate in the country.
The country 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. Deadline for submissions is June 26 and the results will be released in mid-July.
