Executive Summary ......... 6
SWOT Analysis ................. 8
Cameroon Political SWOT .................... 8
Cameroon Economic SWOT .................. 8
Cameroon Business Environment SWOT .................. 9
Cameroon Energy Market Overview .................... 10
Global Oil Market Outlook Q110 ....... 13
Not So Bleak Midwinter ......... 13
Oil Price Forecasts ................ 14
Global Oil Market Review Q409 ........ 15
Quarterly Trends ................... 17
Nigeria And Iraq Pose Problems .............. 17
Oil Supply, Demand And Price Outlook Q110 .... 20
Table: Global Oil Consumption (000b/d) ............... 20
Short-Term Demand Outlook .................... 21
Table: Global Oil Production (000b/d)................... 23
Short-Term Supply Outlook ... 23
Longer-Term Supply And Demand ............ 24
Oil Price Assumptions............ 25
Table: Crude Price Assumptions 2010 . 25
Table: Oil Price Forecasts ................... 25
Regional Market Overview ................ 26
Oil Supply And Demand ......... 26
Table: Africa Oil Consumption (000b/d) ................ 27
Table: Africa Oil Production (000b/d) . 28
Oil: Downstream ................... 29
Table: Africa Oil Refining Capacity (000b/d) ......... 29
Gas Supply And Demand ....... 30
Table: Africa Gas Consumption (bcm) ................... 30
Table: Africa Gas Production (bcm) .... 31
Liquefied Natural Gas............ 32
Table: Africa LNG Exports/(Imports) (bcm) ........... 32
Business Environment Ratings ........ 33
Africa Region ...... 33
Composite Scores.............. 33
Table: Regional Upstream Business Environment Rating.... 34
Table: Regional Downstream Business Environment Rating ................... 35
Upstream Scores ............... 35
Downstream Scores .......... 36
Cameroon Upstream Rating – Overview ................ 36
Cameroon Upstream Rating – Potential Returns ................. 36
Cameroon Upstream Rating – Risks To Potential Returns ..................... 36
Cameroon Downstream Rating – Overview ............ 37
Cameroon Downstream Rating – Potential Returns ............ 37
Cameroon Downstream Rating – Risks To Potential Returns .................. 37
Business Environment ..................... 38
Legal Framework ................... 38
Infrastructure ...... 39
Labour Force ...... 40
Foreign Investment Policy ..... 40
Foreign Trade Regime ........... 41
Tax Regime ......... 42
Security Risk ....... 42
Industry Forecast Scenario ............... 44
Oil And Gas Reserves ............ 44
Oil Supply And Demand ......... 45
Gas Supply And Demand ....... 45
LNG .................... 46
Refining And Oil Products Trade .............. 46
Revenues/Import Costs........... 47
Table: Cameroon Oil And Gas – Historical Data And Forecasts ............ 48
Other Energy ...... 49
Table: Cameroon Other Energy – Historical Data And Forecasts .......... 50
Key Risks To BMI's Forecast Scenario ..... 50
Long-Term Oil And Gas Outlook .............. 51
Oil And Gas Infrastructure ................ 52
Oil Refineries ...... 52
Service Stations ... 52
Oil Storage Facilities ............. 52
Oil Terminals/Ports ............... 52
Oil Pipelines ....... 52
LNG Terminals ... 53
Macroeconomic Outlook ................... 54
Table: Cameroon – Economic Activity ................... 57
Competitive Landscape .................... 58
Executive Summary ........... 58
Table: Key Players – Cameroon Energy Sector ................... 60
Overview/State Role ............... 60
Licensing And Regulation .................. 60
Table: Key Upstream Players .............. 61
Table: Key Downstream Players ......... 61
Company Monitor ........... 62
Total – Summary ............... 62
Perenco – Summary .......... 62
Sterling Energy – Summary ................. 62
Petronas – Summary ......... 63
Noble Energy – Summary .................... 63
Victoria Oil & Gas – Summary ............ 63
Bowleven Oil And Gas – Summary ...... 63
Glossary Of Terms ......... 65
Oil And Gas Ratings: Revised Methodology ...... 66
Introduction ........ 66
Ratings Overview ................... 66
Table: Oil And Gas Business Environment Ratings: Structure ........ 67
Indicators ............ 68
Table: Oil And Gas Business Environment Upstream Ratings: Methodology ..... 68
Table: Oil And Gas Business Environment Downstream Ratings: Methodology ................... 69
Oil And Gas Outlook: Long-Term Forecasts ...... 71
Regional Oil Demand ............ 71
Table: Africa Oil Consumption (000b/d) ................ 71
Regional Oil Supply ............... 72
Table: Africa Oil Production (000b/d) . 72
Regional Refining Capacity ... 73
Table: Africa Oil Refining Capacity (000b/d) ......... 73
Regional Gas Demand ........... 74
Table: Africa Gas Consumption (bcm) ................... 74
Regional Gas Supply .............. 75
Table: Africa Gas Production (bcm) .... 75
Cameroon Country Overview ................... 75
Methodology And Risks To Forecasts ....... 76
Forecast Modelling .................... 77
How We Generate Our Industry Forecasts .................. 77
Energy Industry ..................... 78
Cross checks ....... 78
Sources ............... 78