Boston, MA -- (SBWIRE) -- 05/23/2014 -- Cameroon is on the cusp of a significant, but possibly temporary, upswing in production led primarily by a big increase in gas. Yet it is still a country that is overlooked because the top line numbers - declining oil production, flat gas reserves and low risk and reward ratings - tend to mean investors look for greener pastures. However, mid-rank independents are having some success and the offshore has had some encouraging exploration results since 2012. We forecast production of 79,900 barrels per day (b/d) in crude in 2014, representing a gain of nearly 30% over 2013. However, peak oil is just six years away in 2020, and then the decline sets in. The gas picture is also encouraging. New projects coming on stream in 2014 will boost gas volumes 40% to 0.7bn cubic metres (bcm). Then a string of previous discoveries becoming monetised in 2015 and 2016 will mean natural gas production will soar to 2.8bcm by 2016 and keep climbing through the next decade. The cautionary note is a shortage of other discoveries in inventory to maintain momentum and replace depleting reserves. However GDF Suez is bullish on an LNG export terminal by the end of the decade and that may pique upstream interest.

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Here are the highlights of Cameroon's Upstream and Midstream:

Oil: We forecast crude oil production will rise in 2014 to 79,000 barrels per day (b/d), just shy of the projected 82,000b/d projected by Cameroon's national oil company (NOC) SNH. The 25% jump in production from 2013 to 2014 is attributable to the start of production from the Myia onshore field located in the Douala-Kribi-Campo basin, which began in November 2013 according to SNH officials.

Gas: Reserves growth is relatively flat at 134.4bn cubic metres (bcm), but production is ascending as is domestic consumption for power plants. After jumping over 100% in 2013, gas production in Cameroon is forecast to rise another 40% in 2014, coming in at 0.7bcm and keep rising for the coming decade. LNG: In 2013, GDF Suez unveiled its thinking at the LNG 17 Conference in Houston Texas, telling delegates it believes that it is feasible to construct a one train LNG facility onshore at an industrial site south of Kribi. GDF Suez says the plan would require a feeder system of gas pipelines from onshore and offshore wells. A central part of the picture would be the arrival of gas production in 2016 at the Entinde development, led by UK based operator Bowleven.

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