Key data

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Key figures from 1^st January to 31^st December 2023:

Total annual crude oil production: 23.88 million barrels
Total annual natural gas production: 80.438 billion Standard Cubic Feet (SCF)
Quantities of crude oil exported on behalf of the State: 13.527 million barrels, at an average price of USD 79.464 per barrel
Quantities of natural gas supplied to the Kribi power plant for electricity generation: 10.050 billion SCF, sold at a weighted average price of 1 728.796 CFAF per thousand SCF
Quantities of domestic gas supplied to the local market: 34 669.377 metric tons, sold at a price of 383 371.85 CFAF per metric ton
Quantities of liquefied natural gas exported on behalf of the State: 18.733 billion SCF, which generated a revenue of USD 185.102 million
Transferable balance to the State after deduction of expenses: 562.560 billion CFAF
Other payments to the State: 16.7 billion CFAF in dividends, 16.611 billion CFAF in Corporate Income Tax and 7.958 billion CFAF in various other taxes.

About the transfers made by SNH to the State

In accordance with its mission, the National Hydrocarbons Corporation (SNH) transfers to the State revenues from the sale of hydrocarbons, after deduction of expenses.

When referring to transfers to the State, two terms are used: transferable balance and transferred balance.

The transferable balance is taken from the Table of Oil Operations, a forecast table of income and expenditure, which is updated at the beginning of each quarter.

An adjustment is made at the end of each quarter to take into account final payments.

Adjustments done in the 4^th quarter of a given fiscal year are taken into account in the 1^st quarter of the following fiscal year.

Based on this mechanism, there is necessarily either a windfall (too much transferred) or a shortfall (less transferred) charged to the following year.

The balance transferred corresponds to the amount that is effectively transferred during a given fiscal year. These transfers are recorded as revenue in the State Financial Operations Table (TOFE) under the heading "SNH Royalties".