Douala, Cameroon - Cameroon's oil production is set to increase by 23.7% this year, the management of the national hydrocarbon company (SNH) said on Monday.
The projection is based on the commencement of production this year from the Mvia field oil, discovered in November, located onshore in the Douala-Kribi-Campo basin.
The SNH management said that the 23.7% rise should result in an increase of 0.5% in the country's oil royalty.
This year's finance law projected 718 billion CFAF as oil receipts, the same amount as that of the previous budget.
The rise in oil production expected this year will not have any impact on the government's receipts and might rather be integrated in next year's finance law.