YAOUNDE (Reuters) – Cameroon’s oil production fell further in the first quarter of 2011, but high oil prices meant revenues flowing into the treasury were up nearly 70 percent on the previous quarter, state oil company statistics showed.
National Hydrocarbons Corporation (SNH) data released late on Wednesday showed Q1 output fell to 5.26 million barrels from 5.58 million barrels in the last quarter of 2010.
However, the amount of money transferred to the state treasury during the period rose to 194.9 billion CFA francs, up from 115.9 billion in Q4 2010 due to high oil prices, the figures showed.
Cameroon became a modest crude oil exporter in 1977, with production peaking at 185,000 barrels a day in 1986. Oil production in 2010 averaged at around 64,000 barrels per day.
SNH blames the steady decline in oil output in the Central African country on maturing oilfields and insecurity in the main operation zone of Rio del Rey basin in the Gulf of Guinea, which accounts for 95 percent of oil exports.
Production is seen falling for the rest of this year before re-bounding in 2012 when new wells are expected to go into production.
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