On April 22, in Paris, Cameroon’s National Hydrocarbons Corporation (SNH) met with Perenco and Addax Petroleum to set official prices for Kolé and Lokélé crude for the first quarter. The meeting, however, went beyond pricing.
Speaking on behalf of SNH’s CEO, Nathalie Moudiki, head of legal affairs, said new standard contracts are under preparation and that all existing agreements will be reviewed before any new signing to ensure balanced terms between parties.
The message marks a shift in strategy. SNH now places contracts, data, and cargo operations at the center of its oil revenue management. The value of Cameroonian crude no longer depends only on global prices, but also on the legal, logistical, and operational conditions under which oil is produced, shipped, and sold.
A tighter market environment
This shift comes as oil markets turn more volatile. Data from the U.S. Energy Information Administration shows Brent prices rose from an average of $66.60 per barrel in January 2026 to $70.89 in February, then to $103.13 in March. The average for the first quarter reached $80.21, up from $63.63 in the fourth quarter of 2025, an increase of about 26%.
The rise reflects a growing geopolitical risk premium, driven by tensions in the Middle East and uncertainty around supply routes. In a matter of weeks, the market moved from expectations of ample supply to a focus on securing flows.
In this context, Atlantic crude grades have regained appeal. Kolé, a lighter crude, offers more flexibility for refining and broader market access. Lokélé, which is heavier, remains more exposed to refinery constraints and pricing pressures.
For SNH, however, favorable market conditions are not enough. The company also points to a domestic context marked by declining production. It highlights ongoing efforts to explore new fields and diversify output, but stresses that cargo value now depends as much on contract strength, logistics, and data reliability as on Brent prices.
Cargo operations under scrutiny
The review launched in Paris also targets how contracts are executed. SNH called for closer monitoring of cargo liftings, including scheduling, loading, and handover to shipping vessels. It also plans to increase the presence of Cameroonian personnel at oil sites to improve oversight and support technology transfer.
Key risk areas include actual volumes loaded, transport conditions, logistical reliability, data accuracy, and compliance with procedures. SNH aims to strengthen control over these stages, where discrepancies can affect value, timing, and compliance.
The tone of the discussions reflected this focus. Without naming any operator, SNH warned that in a sector where reliability carries high value, risk does not come only from the field but also from partners. The statement captures a broader shift: in a volatile market, risk now extends beyond prices and geopolitics to contract discipline and operational execution.
Adjustment, not a break
SNH presented the changes as an adjustment rather than a rupture with its partners. It reaffirmed its commitment to long-standing operators such as Perenco and Addax, emphasizing contract stability, regular supply, and ethical standards.
The meeting also identified gaps in how data used for pricing is validated. SNH acknowledged the need to improve these processes, noting that the accuracy of information on volumes, quality, loading schedules, and transport conditions directly affects final pricing.
The official prices set for Kolé and Lokélé were not disclosed, limiting any independent assessment of the financial outcome of the meeting. The absence of published figures also highlights ongoing transparency challenges around crude valuation.
In Paris, SNH did more than set prices. It signaled a broader effort to tighten its contractual framework and strengthen control over oil operations. As production comes under pressure and markets remain volatile, contracts, data, and cargo oversight are becoming key tools in securing Cameroon’s oil revenues.
Baudouin Enama
