Cameroon received $57Million (or XAF30.71Billion) as transit fees from January 1 to October31, 2020 on the Chad –Cameroon oil pipeline.
The 1,070 kilometre evacuation facility, which pumps crude oil from three fields in the southwest of landlocked Chad to a floating facility 11 km off the Cameroon coast town of Kribi, has been delivering returns to Cameroon since first oil was achieved in 2003.
Cameroon’s Pipeline Steering and Monitoring Committee (PSMC), reports that the revenue is up by 2.5% year-on-year. Over the same period in 2019, the country collected $55Million (XAF29.97Billion) as transit fees.
PSMC reports that 39.91Million barrels of crude oil were transported from the Komé-Kribi terminal in southern Cameroon in the first 10 months of the 2020 fiscal year, compared with 38.79Million barrels during the same period in 2019. This represents an increase of 3%.
“This improvement is the result of increased production from new shippers in Chad, namely PétroChad Mangara, China International Petroleum Company Inc. Chad and Overseas Private Investment Corporation.
The construction of the pipeline was led by ExxonMobil in the early 200s. But the American major has since exited Chad.