Republic of the Congo
The Republic of the Congo is one of Africa’s mature oil producers, with production first coming online in 1970s. But it is one of few countries on the continent bucking a trend of declining production. In fact, the country’s oil production is expected to rise by 25 percent.
Despite its consistent production record, and its nearly 2 billion barrels of proven oil reserves, the Republic of the Congo is largely unexplored. The country’s government led by President Denis Nguesso is committing to expanding the sector even further. New developments by Total will expand the country’s output from 280,000 barrels of oil per day to 350,000 in 2018 — which will secure it a spot as Sub-Saharan Africa’s third largest crude producer.
The Republic of the Congo is also one of few countries in Central Africa with a developed downstream sector — a refinery in Pointe-Noire processes about 65 percent of the country’s domestic needs and talks of building another refinery are in the works. The energy sector is ripe for investment, especially in the development of an electricity distribution system.
New investment is revitalizing the sector, and The Republic of the Congo won’t be left behind as Africa presses forward with oil and gas development. President Denis Nguesso is also determined for the country to lead on the global stage, announcing an application to join the Organization of the Petroleum Exporting Countries in January and completing a regulatory overall of the sector in 2016. The new country’s new hydrocarbons law came into effect in October 2016, just before a national bidding round was launched in January 2017.
Africa Energy Series – The Republic of the Congo will delve into the country’s new developments, bringing together the top government officials and executives from throughout the value chain in the most comprehensive report on the country’s new developments.