Drop in Chad oil production cost over FCFA 1 bln to Cameroon

The transit duty of the Chadian oil in Cameroon, via the Chad-Cameroon pipeline, generated FCfa 10.8 billion in revenues to the Cameroonian Treasury between January and April 2016.

According to the numbers just revealed by the Pipeline Steering and Monitoring Committee (CPSP), these revenues are in decrease of over FCfa one billion, as they were at FCfa 12.07 billion over the same period last year.

At the origin of this situation, CPSP stresses, is the reduction in the quantities of crude oil produced in the Chadian oilfields and transported via the Chad-Cameroon pipeline.

Indeed, we officially learn, from January 1 to April 30, 2016, a cumulated volume of 14.17 million barrels were removed from the Komé Terminal in Kribi (South Cameroon), against 15.79 million barrels during the same period last year. Which corresponds to a drop of over 1.6 million barrels.

As a reminder, the transit duty on the Chadian oil in Cameroon helps the Cameroonian State to earn more revenues since its revaluation on 29 October 2013 (it moved from FCfa 195 (USD 0.41) per barrel to FCfa 618 (USD 1.30).

For example, for the first four months of 2014, this transit duty generated revenues worth a total amount of FCfa 6.5 billion, the equivalent of the sums generated by this same transit duty over a period of 11 months in 2013.