Extractive Industries: Mining, Oil and Gas Equipment
Cameroon’s minerals sector plays a strategic role in economic growth and diversification. The country hosts significant deposits of bauxite, cobalt, gold, and other minerals, with approximately 500 untapped mining sites identified across the East, West, Adamawa, North, and Center regions through a World Bank–supported survey led by the Ministry of Mines, Industries and Technological Development (MINMIDT). Despite this potential, the sector contributes less than one percent of GDP, limited by inadequate infrastructure, energy shortages, and a complex regulatory environment.
The oil and gas sector remains a key component of Cameroon’s economy, offering opportunities for U.S. firms in equipment supply, infrastructure development, and technical services. The National Hydrocarbons Corporation (SNH) and Ministry of Finance data for the calendar year 2025, shows that Cameroon’s total crude oil output was about 19.8 million barrels, with approximately 4 million barrels exported on behalf of the State. This reflects a gradual decline from previous years due to aging fields and limited new exploration. Cameroon’s natural gas production totaled 2.04 billion cubic meters in 2024 and 2.18 billion cubic meters in 2025, while LNG exports reached 2.4 million tons in 2024, with export volumes expected to rise to 5 million tons annually by 2026.
The government actively seeks foreign investment to develop these resources, creating prospects for U.S. firms in upstream activities, gas storage, pipeline construction, and gas-to-power solutions. According to the most recent Extractive Industries Transparency Initiative (EITI) Committee report, Cameroon’s extractive sector contributed 4.9 percent of GDP, 11.9 percent of government revenues, and 31.3 percent of exports in 2024.
The Yoyo-Yolanda gas condensate field, jointly held with Equatorial Guinea and operated by Chevron, also represents a potential future development, although full production remains years away.
Table: Petroleum (mineral fuels, oils, distillation products) imports, USD (2022-2025)
Designation/Year | 2022 | 2023 | 2024 | 2025 estimated |
Total Exports | 1.6927 billion | 2.01 billion | 1.10 billion | ~266 million (1st quarter) |
Total Imports | 1.7 billion | 3.55 billion | 3.5 billion | 266 million (1st quarter) |
Imports from the US | 23.26 million | 215.11 million | - | - |
Trade Surplus/Deficit | - | ~ –2.97 billion | ~ +580 million | ~ +235 million (1st quarter) |
Exchange Rates | ~ 0.001606 | ~ 0.001650 | ~ 0.001650 | ~ 0.001714 |
Units: US$
Sources: World Bank, Ministry of Finance (dgb.cm), Macrotrends.
Leading Sub-sectors
- Liquid Natural Gas Equipment (Upstream and Downstream)
- Oil and Gas Exploration Equipment
- Oil and Petroleum Refinery Equipment
Opportunities
Cameroon’s oil and gas sector presents substantial opportunities for U.S. companies, particularly in equipment supply, infrastructure development, and technical services. The country holds confirmed oil deposits in the Chad Basin and Bakassi Peninsula, along with an estimated 4.8 billion cubic feet of natural gas. The government actively seeks foreign investment to develop these resources, creating prospects in upstream segments such as exploration and drilling equipment. In the downstream sector, the planned refurbishment of the SONARA refinery and ongoing discussions about building a second refinery open additional avenues for U.S. refinery technology and equipment suppliers. Cameroon also aims to increase LNG production from 1.6 million to 5 million tons annually by 2026, which will drive demand for U.S. expertise in gas storage, pipeline construction, and gas-to-power solutions.
The mining sector offers significant opportunities for private investment, given Cameroon’s rich, underexplored reserves of cobalt, nickel, rutile, bauxite, and gold. U.S. companies can pursue equity participation, offtake agreements, joint ventures for mine development, and the provision of specialized mining equipment and services. The Government of the Republic of Cameroon (GRC), through its state mining company SONAMINES, is actively seeking technical and financial partners to develop key mining assets including the Lomié–Nkamouna cobalt–nickel–manganese project in the East Region and to revive the Akonolinga rutile deposit. These projects create potential for early-stage involvement and long-term offtake contracts. Mining’s energy-intensive nature also makes it a potential anchor for supporting infrastructure, including power generation and logistics.
Resources
Société Nationale des Hydrocarbons: https://www.snh.cm/index.php/en/.