2.500
%
Neutral
162
mm boe
19
%
SNH remains approachable and willing to work with participants of all sizes, and fiscal terms have been stable for some time. However, the disputed re-election of 92-year-old Paul Biya in October 2025, succession risk and the Anglophone conflict are rising concerns. Outlook maintained because stable fiscal terms continue to offset political risk, although succession is a watch point. Outlook: Neutral. Risk premia raised from 2.5% to 5%.
October 7, 2026
Africa - Central
mm bbl
bcf
Central Africa, bordering the Bight of Biafra, between Equatorial Guinea and Nigeria.
PSC/PSA
Cameroon’s fiscal regime applicable to the upstream petroleum industry consists of Cameroon’s General Tax Code, the Cameroon Petroleum Code and individual PSCs or concession agreements. Cost recovery varies between 60-70%. Production remaining after cost recovery is divided between the NOC (SNH) and the contractor on a sliding scale, linked to the “R” Factor. The contractor is also liable for corporate income tax, and a range of bonuses, rentals and fees are payable.
President Paul Biya, now in his nineties, was declared winner of a disputed eighth term in October 2025, amid deadly protests and acute succession uncertainty. The Anglophone separatist conflict and Boko Haram activity in the Far North persist, and the FCDO advises against travel to several regions. US and UK guidance cite corruption, payment arrears and bureaucracy. The EIA notes mature, declining oil production, partly offset by gas: the Perenco/SNH floating LNG facility at Kribi exports cargoes, and the Chad–Cameroon pipeline carries Chadian crude to the coast.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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