Cameroon to Open Coastal Areas for Oil Exploration

YAOUNDE, Cameroon (Dow Jones), Apr. 5, 2010

Cameroon will soon begin licensing companies to explore for oil in the Atlantic coastal Bakassi peninsula and nearby Mamfe basin, a senior official in Cameroon's state-run National Hydrocarbons Corp., or SNH, has said.

"Results obtained from the Mamfe basin have since 2009 attracted the interests of oil companies, which want to invest in the area," said Serge Angoua, who heads the department for the promotion of mining at SNH's oil exploration directorate.

He said SNH wants to "showcase" potential crude oil discoveries in the East Bakassi, West Bakassi and the Mamfe basin during the first half of 2010 to enable interested bidders to officially show their interest, Angoua told the the quarterly SNH News published Thursday.

The West African nation's crude oil production in 2009 stood at 22.37 million barrels, down from 25.95 million barrels produced in 2008, according to SNH data.

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