Oil is Cameroon’s main export commodity.Oil production declined from 2006 to 2011, but rising oil prices kept government revenues relatively stable. Annual revenue from the extractive sector is around USD 1.2 billion.
Decline in oil production was caused by maturing oil fields and limited investment. The trend has been reversed due to new wells coming into production. The state oil company SNH estimates a nine percent increase in production by 2015.
The oil sector contributes approximately fifty per cent of export earnings. Recent discoveries of oil and gas have renewed investment in oil exploration, and government plans to further liberalise Cameroon's energy sector may increase the importance of hydrocarbons for the economy.
Other mineral commodities produced in the country include aluminium (from bauxite imported from Guinea), cement, and sand. Small-scale artisanal mine operations recovered small amounts of diamonds throughout the country. Gold is also produced by small-scale artisanal miners in the eastern and northern parts of the country.
The Chad-Cameroon oil pipeline also produces revenues for the government, although they have remained small.
At its meeting in Abidjan on 17 October 2013, the EITI Board declared Cameroon Compliant to the EITI Rules. The Board congratulated the Government of Cameroon for its sustained commitment and leadership in the implementation of the EITI.
Cameroon completed the Validation process in accordance with the EITI Rules on 15 October 2013. The MSG approved the final Validation report on 14 August 2013 and submitted to the International Secretariat on 15 August 2013. The 2011 EITI Report, published in August 2013, addresses key requirements of the Standard, such as information on licenses, state ownership, production data, transit fees, and transfers to local government. The Validator concludes that Cameroon has met all the requirements, and made recomendations on the strenthening of the EITI Process.
In July 2010, Cameroon published its third EITI Report covering 2006-2008 data. This report extended the scope of the reporting process from oil and gas to include the mining sector.
Following the publication of its first Validation Report in July 2010, the Board designated Cameroon as Candidate country that is “close to compliance” and agreed on corrective actions.
A Secretariat review completed in December 2012 concluded that Cameroon had not met all requirements to achieve Compliant status. The Board established a second Validation deadline of 15 august 2013. While there were delays in implementing the agreed workplan, the 2009 and 2010 reports (published in February 2013) expanded the scope of EITI reporting to include transit fees.
- Innovative use of comic strips to explain the EITI
- Inclusion of oil transit through the Chad-Cameroon Pipeline
- Direct representation of treasury and tax office in MSG working groups to enhance reporting
- Companies asked to sign a declaration of support to the EITI and will be required to have their reporting templates certified.
- Review of the Finance Law to clarify the roles and responsibilities of these bodies
- EITI-requested update of the mining cadastre to better determine company coverage
- On 30 August 2012, the National Assembly established an EITI committee to follow implementation of the standard.