Cameroon Oil & Gas Report Q1 2013: New Research Report Available At Fast Market Research


New Energy research report from Business Monitor International is now available from Fast Market Research


Published on 19 February 2013

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by Bill Thompson

(WireNews+Co)

Boston, MA

BMI View: While the near-term oil production outlook is somewhat uncertain, there are projects capable of halting the recent decline and delivering modest volume growth over the medium-to-long term.

View Full Report Details and Table of Contents (http://www.fastmr.com/prod/536416_cameroon_oil_gas_report_q1_2013.aspx?afid=201)

Meanwhile, more efficient usage of associated gas, through the limitation of flaring and the development of domestic resources, offers prospects for sustainable growth in the upstream gas segment, with potential output available for domestic use, power generation and eventually for export as liquefied natural gas (LNG).

The main trends and developments we highlight for Cameroon's oil and gas sector are as follows:

- BMI expects growth in oil production to be somewhat irregular over the next decade with output of an estimated 63,470 barrels per day (b/d) in 2012, peaking at 87,300b/d in 2015 before falling back to 77,700b/d in 2021. This uncertain growth outlook is based on a small number of modest new projects capable of offsetting only temporarily the underlying decline of older fields.
- The Cameroon government has assumed that domestic oil production will average nearly 79,000b/d in 2013. UK-based energy firm Bowleven announced in October 2012 that oil production at its Etinde project in Cameroon is likely to begin in 2015 rather than 2013, as was previously stated.
- Meanwhile, consumption of crude is likely to rise at an average rate of 5.6% from 2011 to 2021. We therefore anticipate that consumption will rise from an estimated 28,900b/d in 2012, to hit 46,500b/d by 2021.
- BMI forecasts that gas production will increase from 0.03bn cubic metres (bcm) in 2011 to 5.78bcm by 2021, as the country reduces the practice of flaring and start monetising associated gas resources. Gas production is to be boosted further by new projects, such as the Victoria Oil and Gas Logbaba scheme. Gas output growth provides export prospects, notably in the form of LNG as suggested by the proposed 4.8bcm LNG terminal in Kribi.
- Bowleven has applied formally to the government for permission to start extracting gas. The company said it will make an investment decision in the second half of 2013, with the first gas from the MLHP-7 block on the Etinde permit expected to be produced in 2016.
- Gas demand is set to rise at an average rate of 21.1% on the back of numerous infrastructure projects that will boost domestic consumption. The most notable of these projects is the 150 megawatt (MW) Kribi power plant. As a result, we see gas consumption rising from 0.03bcm in 2011 to 0.18bcm by 2020/21.
- In the downstream sector, the government has ambitious plans to expand capacity at Societe Nationale de Raffinage (SONARA), the country's only refinery located in Cape Limboh, from 42,200b/d to 70,300b/d; and to upgrade the facility so that it will be able to process the heavy crude oil that is produced in Cameroon, and not simply imported light grades.


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Posted 2013-02-19 18:44:00