Douala, Cameroon (PANA) – The Cameroonian National Oil Company, said it transferred to the country’s public treasury 175.6 billion CFAF (US$360 million) as oil receipts from January to April this year.
The oil firm said in a statement Thursday that the amount comes from selling part of the crude oil for the government, which has signed production sharing contract with several operators who produced 8.82 million barrels of oil between January and April 2014.
However, the oil receipts fall below the target for the period.
Total oil receipts for the year is estimated at 718 billion CFAF (US$1.48 billion), or an average of 239.33 billion CFAF (US$493 million) every four months.
Despite a 24.5% rise in production this year, the expected oil receipts for 2014 has been stagnant, compared to last year.
