Republic of Congo Overview
Oil reserves2.9 billion barrels
Oil production307,000 bopd
Gas reserves111 bcm
Gas production240 bcm
Republic of Congo: New Projects and New Production
The Republic of Congo is the fourth largest Sub-Saharan producer of oil, with an output of 291,000 bopd in 2017. Its proven oil reserves amounted to 1.6 billion barrels in 2015, with a reserves-to-production ratio of 15.8%.
In 2017, the country is expected to leapfrog Equatorial Guinea and become the third-largest producer in the region, largely thanks to Total E&P Congo’s Moho Nord project. The USD 10-billion Moho Nord project, the largest oil project in the country’s history, was launched in 2013 and has the potential to increase Congo’s production by 50% to a total of 140,000 bopd in 2017. Targeted reservoirs amount to 700 million boe.
Eni Congo’s own developments in the Marine 12 block are also expected to have a significant impact in the Congolese hydrocarbons value chain, with a special focus on the country’s gas reserves development. The Nene Marine field, which holds 1.5 billion bie in 30 different wells, started production in December 2015. Production is expected to reach 120,000 boepd by 2020. A project to develop a floating liquefied natural gas production unit for Eni Congo as a means to monetise the produced gas in the field is also underway by stakeholder New Age (African Global Energy), with first production expected in 2019.
Stimulating the Congo’s upstream segment is a priority for the country’s Ministry of Hydrocarbons, as well as developing and monetising its downstream sector via power generation and increasing its gas and refining capacities. In order to renew its oil and gas reserves, a licensing round was launched in October 2015 with deepwater and onshore blocks open for bidding. In October 2016, the bidding process was expanded to shallow-water blocks.
The enactment of a new hydrocarbons code is central to the ministry’s strategy for the country. The new regulation was signed into law in October 2016 and encourages exploration and production activities by introducing provisions conducive to private companies’ recovery of investment as well as more favourable fiscal and Customs regimes.
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