By Emmanuel Tumanjong
YAOUNDE, Cameroon--Crude oil exported by Chad to world markets
throughout 2014 rose sharply from a year earlier, according to a
statement released Tuesday by a Cameroonian group that oversees the
Chad-Cameroon oil pipeline.
Cameroon's Pipeline Steering and Monitoring Committee said
Chadian crude oil exports from Jan. 1 to Oct. 31 stood at 27.56
million barrels, up from 24.55 million barrels of crude oil the
landlocked country exported between January and November 2013.
Chad has since 2003 exported its crude from its southern oil
fields in Doba through the Chad/Cameroon pipeline that snakes
through Cameroon to the Atlantic port town of Kribi.
According to the report signed by Adolphe Moudiki, PSMC chairman
and executive general manager of Cameroon's state oil company
National Hydrocarbons Co., Cameroon's royalties rose to 17.53
billion Central African francs ($33 million) for the oil exports in
2014, a sharp increase from the XAF5.84 billion Cameroon earned as
royalties accrued from the previous year's Chadian crude
exports.
The rise in this year's earnings were driven by a November 2013
agreement by both parties on an increase in the quota Chad had to
pay for each barrel of oil exported through Cameroon as from
2014.
The two countries had agreed that, beginning in 2014, Chad would
be taxed XAF618 per barrel of oil exported through the pipeline, up
from XAF195/barrel it paid Cameroon for each barrel shipped through
the pipeline during the last decade.
The Chad-Cameroon oil pipeline, which began operation in October
2003, has exported an estimated 476 million barrels of crude since
it was built. It is being operated by Exxon Mobil Corp (XOM),
Chevron Corp. (CVX) and Malaysia's Petroliam Nasional Bhd.
Write to Emmanuel Tumanjong at
realtimedesklondon@dowjones.com
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