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Cameroon: Rise in oil prices ups revenues

Cameroon's oil revenues in the first quarter of 2018 amounted to CFA95.5 billion francs, showing an increase of CFA11.6 billion…

Cameroon’s oil revenues in the first quarter of 2018 amounted to CFA95.5 billion francs, showing an increase of CFA11.6 billion francs in relative value, and 13.8% in absolute value over the same period the previous year.

APA said Friday from the relevant departments of the Ministry of Finance (MINFI) that at the end of March 2018 oil revenues were estimated at CFA95.5 billion francs against CFA83.9 billion francs at the end of March 2017.

This performance can be explained in particular by the rise of oil prices, with the average price per barrel averaging $66.8 over the review period, compared to an average of $44.5 per barrel last year.

In the details, oil revenues include CFA88.6 billion francs of oil royalties from the National Hydrocarbons Company (SNH) and CFA6.9 billion francs of taxes on oil companies operating in Cameroon.

These receipts show an increase of CFA16 billion francs compared to forecasts which counted on 72.6 billion quarterly receipts.

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