• State stake falls from 50% to 25% between 2022 and 2023
• Noble Energy increases its participation to 75%
• Change emerges as Yoyo-Yolanda cross-border gas project advances

The 2023 EITI report highlights a major change in the ownership structure of the Yoyo gas field between 2022 and 2023. The Cameroonian state’s stake, held through the National Hydrocarbons Corporation (SNH), fell from 50% to 25%, while operator Noble Energy increased its share from 50% to 75%. The report does not specify the exact nature of the transaction. SNH has not disclosed whether the shift resulted from a formal divestment, a transfer of rights, or another contractual mechanism explaining the rebalancing.

According to sector experts, the new allocation could be linked to a production sharing contract. Such arrangements allow ownership structures to be adjusted based on project design and the level of financial commitment by partners. As the Yoyo field has not yet entered its full development phase, equity stakes can be renegotiated to better reflect the share of investment borne by each party. In this context, Noble Energy’s increase to 75% points to a greater technical and financial role in carrying the project.

A strategic cross-border gas field with Equatorial Guinea

On November 19 [year to be verified], Cameroonian and Equatorial Guinean authorities presented the development plan for the cross-border Yoyo-Yolanda gas field in Yaoundé during an official visit by Equatorial Guinea’s vice president. The field is estimated to hold 2.5 trillion cubic feet of gas resources. The presentation marked a step forward in operationalizing the joint project, which is expected to be developed over the long term and supply energy infrastructure in both countries.

Development of the Yoyo-Yolanda field is expected to rely on two separate pipelines. One will transport gas to the Bipaga processing center in southern Cameroon. The other will supply the Punta Europa industrial complex on Bioko Island in Equatorial Guinea, using existing infrastructure from the Alen field. Under the initial allocation, Cameroon is expected to receive 84% of the resources from the joint operation, compared with 16% for Equatorial Guinea. For Cameroon, Yoyo-Yolanda represents a strategic opportunity to secure new energy resources and better leverage its gas export capacity.

Amina Malloum (Business in Cameroon)