Sorry i was at home..
Well no you need to transform the local space of your entity to global space so it will be:
Vec3(0,0,1) (just in front of your entity in local space)
Source entity? camera (you need to place an object in fornt of it right?)
Destination entity? null (null = global, you can also find the position based on other entities, but this isn't your case)
so:
V:TVec3 = TFormVector( Vec3(0,0,1), cam, null );
EDITED: (Thanks macklebee to remeber this..)
V= Vec3(EntityPosition(cam).x +V.x,EntityPosition(cam).y +V.y,EntityPosition(cam).z +V.z);
Where V is the position of 1 in front of your cam in global space, so you will place the oildrum there.
This should work nicely.
There is a really nice example here (this make the inverse thing, from global to local):
http://www.leadwerks.com/wiki/index.php?title=TFormVector