Murphy to invest 112 billion CFA francs in four oil blocks in Cameroon
By the AFREEQUE newsroom, based on Camer.be
US oil and gas group Murphy plans to invest 112 billion CFA francs in four oil and gas blocks in Cameroon (Etinde, Tilapia, Elombo and Ntem), as Washington negotiates with Russia to buy Lukoil’s stake in Etinde. The move comes amid Sino-US rivalry over African energy resources, according to Camer.be.
Murphy, the US oil and gas group based in Houston, plans to invest 112 billion CFA francs in four oil blocks in Cameroon: Etinde Exploration, Tilapia, Elombo and Ntem, according to Camer.be. The investment comes as Washington negotiates with Moscow over the purchase of Russian stakes in the Etinde block.
Lukoil, the Russian gas group, holds a 37.5% stake in Etinde, according to Camer.be. The media outlet also reports Chevron’s entry into the Yoyo and Yolanda gas projects, located between Cameroon and Equatorial Guinea.
Hydrocarbons account for 9% of Cameroon’s budget revenue and a production revival is expected from 2027, according to Camer.be. The mining sector, particularly rare earths, is also among the prospects mentioned for strengthening economic exchanges between Cameroon and the United States.
Murphy’s investment comes after the announcement of four oil contracts in Cameroon, for which $202 million was planned, on 11 November. Discussions between Washington and Moscow over Lukoil’s stakes in Cameroon’s gas sector were also reported on the same day in Cameroon’s gas sector.
