Commodities giant Glencore has disclosed that it paid approximately FCFA 18.5 billion (USD 33.08 million) to Cameroon between 2024 and 2025 related to its extraction activities at the Bolongo oil project. The disclosure was made in the group's Payments to Governments Reports, in line with transparency requirements applicable to extractive industries in the UK.
These figures provide insight into Glencore's financial contribution to a Cameroonian oil basin characterized by aging assets. The reported payments primarily consist of production entitlements remitted to the Cameroonian government through the Société Nationale des Hydrocarbures (SNH), as well as income taxes.
Of the FCFA 18.5 billion, less than FCFA 5 billion represents income tax, with the remainder stemming from production entitlements, which is the portion of oil production allocated to the State under production sharing contracts. In 2025, Glencore reported payments of FCFA 6.5 billion (USD 11.5 million), including FCFA 5.5 billion (USD 9.795 million) in production entitlements and FCFA 960 million (USD 1.705 million) in income taxes, solely for the Bolongo project.
Payments were higher in 2024, reaching FCFA 12.1 billion (USD 21.58 million), comprising FCFA 9.1 billion (USD 16.077 million) in production entitlements and FCFA 3.1 billion (USD 5.504 million) in income taxes. A comparison between 2024 and 2025 indicates a notable decrease in Glencore's payments to Cameroon, affecting both production entitlements and taxes.
The group's operational data corroborates this trend. In 2025, Glencore's attributable production from the Bolongo project was 161,000 barrels, compared to 201,000 barrels in 2024, marking a 20% decrease. This reflects the decline of an aging asset in the Rio del Rey basin, with volume erosion across several of Cameroon's historical oil fields.
In comparison, Glencore paid over FCFA 120.8 billion (USD 214 million) in Equatorial Guinea in 2025 for its activities on the Aseng and Alen blocks. This significant difference may reflect higher production levels and a better valuation of oil and gas assets in Equatorial Guinea.
The Bolongo project remains the only Cameroonian asset in Glencore's extractive portfolio, limiting the group's exposure to Cameroon and underscoring the modest contribution of its local production relative to its regional operations. In 2018, Glencore divested 50% of its rights and obligations on the Bolongo block to Perenco, also transferring the operator role. Recent figures suggest a declining asset, with decreasing volumes and financial contributions.
