In its recently published magazine, the National Hydrocarbons Corporation of Cameroon (SNH) outlined its priorities for the 2021 fiscal year.
"The company’s main objectives for 2021 are to increase mining revenues, revitalize the oil sector, boost oil services and increase skills development in oil trades," the public company writes.
To achieve its objectives, the SNH will focus on five axes. The first consists of optimizing the State's participation in oil contracts and continuing actions to attract oil companies that can invest and resume the optimal exploitation of the Mvia field.
The second axis is the development of oil and gas resources. In that regard, the corporation plans to carry out studies for the development of gas reserves in the Rio del Rey and Douala/Kribi-Campo basins. Studies are also planned for the construction of natural gas transport infrastructures for the domestic market, the development of liquefied natural gas (LNG) and compressed natural gas (CNG) production activities as well as the creation of a hydrocarbons technologies incubation center.
The third focus is portfolio management. Based on techno-economic studies, SNH will invest, if needed, in petroleum and natural gas-related industries. It will also carry out studies to find opportunities to develop renewable and/or alternative energies such as blue hydrogen and green hydrogen, used in particular for electricity production.
The fourth axis, devoted to heritage and digital data, will focus on the continued collection, conservation, improvement, and management of data likely to improve knowledge of the Cameroonian sedimentary basins, the establishment of an integrated management system through ISO certifications, and the implementation of a financial information system.
The last axis is internal management. It involves financial management, legal advice, insurance, communication, information technology, human resources management, budget, and control as well as the management of the SNH’s assets.
From January 1 to October 31, 2020, SNH generated XAF262.678 billion revenues (after expenses) for the State. This amount was down by 33.10% compared with the performance by October 2019. The drop was due to the fall in global oil prices. Indeed, during the period, the average price of BRent, which is the benchmark crude oil price for Cameroonian oil, dropped by 36.06%. With that benchmark at a new all-time high, the Company hopes its performance will be better this year.