For a long period, Cameroon’s economic expansion was generated by the oil sector, which was then the most  dynamic  sector  of  the  country’s  economy. The sharp rise in crude prices on the world market is a booster to the sector, despite the gradual depletion of oil deposits. Many businesses operate in the sector, including the  production  of  crude  petroleum  oils,  the  main export  product,  as  well  as  the  sale  of  fuel  and lubricants and production of crude oil.

1 – A more attractive legislative framework: 

Cameroon   implemented   a   number   of   measures aimed at making the contract and fiscal framework more  attractive  to  oil  companies,  with  a  view  to reviving     exploration     and     encouraging     the development of low-yield oil fields as a means of compensating for dwindling production.

Thus  two  types  of  petroleum  contracts  can  be signed: the concession contract (CC) or the production-sharing contract (PSC). SONARA, the country’s   lone   oil   refinery,   sells   65%   of   its production locally.

2 –  Gas: An opportunity to be seized.

It  has  been  known  for  over  twenty  years  that Cameroon possesses 160,000 million cubic meters of proven gas reserves in the Rio del Rey and Kribi basins.  Unfortunately,  these  reserves  are undeveloped for reasons of profitability and absence of markets. The load shedding that the country has been facing since 2002 due to a persistent shortage of electric power may provide a great opportunity for the development of existing gas deposits.