On April 22, 2026, the Société Nationale des Hydrocarbures (SNH) convened a meeting in Paris with Perenco and Addax Petroleum during a joint commission dedicated to setting the official prices for Cameroonian Kolé and Lokélé crude oil for the first quarter of 2026. Beyond the simple valuation of shipments, SNH seized this opportunity to reaffirm its role and tighten the contractual framework with its partners.
Nathalie Moudiki, Advisor No. 2 at SNH, announced on behalf of the CEO that "standard contracts are being developed and all existing contracts will be reviewed before any signature" to ensure fair interests between the parties. This statement places contracts, data, and loading operations at the center of SNH's oil security strategy. The valuation of Cameroonian crude oil will therefore no longer depend solely on international prices, but also on legal, logistical, and operational conditions.
This shift comes in a context of high volatility in oil prices. Brent went from a monthly average of $66.60 a barrel in January 2026 to $103.13 in March 2026. This increase reflects the integration of a geopolitical risk premium, linked to tensions in the Middle East and uncertainties about supplies. Atlantic crudes, such as the lighter Kolé, are regaining interest thanks to their refining flexibility. The heavier Lokélé remains subject to the technical constraints of refineries.
SNH also wishes to correct certain data validation processes used to set prices, as the reliability of information relating to shipments directly influences the final valuation. SNH management insisted on the need to be "very vigilant" about lifting operations and announced a particular focus on the active presence of Cameroonians on oil sites, to better control these operations and promote technology transfer.
SNH was keen to clarify that this development does not constitute a break with Perenco and Addax, emphasizing the importance given to traditional partners, contractual stability, and ethical conduct. The goal is to strengthen control over operations and secure Cameroonian oil revenues. In 2025, Addax Petroleum accounted for approximately 30% of national crude oil production in Cameroon, with 16 wells drilled. By tightening its contractual framework, SNH intends to better control the value of Kolé and Lokélé crudes in a context of production under pressure and a volatile market.
