The World Bank’s report indicates that doing business in Cameroon has become more difficult, as the country’s ranking dropped from 162 out of 190 countries surveyed in 2012, to 167 in 2019.
What is the oil industry like in Cameroon?
Oil exploration and exploitation is done by companies such as Pecten, Elf Serepca, Shell, all based in Douala. Cameroon does not market all its crude oil. There is an oil refinery company, SONARA, based in Limbe. For an oil producing country, the passing of oil and gas regulations is very important.
How did Cameroon become an oil-producing country?
Cameroon became an oil-producing country in 1977. Claiming to want to make reserves for difficult times, the authorities manage "off-budget" oil revenues in total opacity (the funds are placed in Paris, Switzerland and New York accounts). Several billion dollars are thus diverted to the benefit of oil companies and regime officials.
How much oil does Cameroon produce a day?
Cameroon¡¯s daily production is expected to rise to 150,000 barrels a day in 2016 the country only has a meager 200 million BPD reserves, but it plans to expand its refining capacity by opening a new refinery that will service oil-rich neighbours Angola and Nigeria. 11. Chad ¨C 115,000 Barrels Per Day World Ranking: 49