Minister of Hydrocarbons of the Republic of Congo Bruno Jean-Richard Itoua is set to outline foreign investment opportunities in the Republic of Congo at the Invest in African Energy (IAE) Forum in Paris on May 14-15
The Minister will lead a Congolese delegation to the event.
Aiming to double hydrocarbon output to 500,000 barrels per day (bpd), the Republic of Congo is targeting new exploration and development programmes, as well as awaiting first cargo from Congo LNG – the country’s first natural gas liquefaction project – led by Italian multinational Eni. The development involves the installation of two FLNG plants at the Marine XII concession and is set to transform the Congo into a top LNG exporter. Minister Itoua is expected to share more on the country’s upstream and gas monetization agenda, and how foreign investors can play a role in supplying, servicing and advancing these projects.
“As one of Africa’s leading oil producers and an important emerging gas producer, the Republic of Congo features a wealth of opportunities for European and global investors. At last year’s forum, Minister Itoua signed a cooperation agreement with TechnipEnergies targeting capacity building and energy transition principles – two areas ripe for investment and collaboration. IAE 2024 plans to facilitate even more deals, while showcasing Africa’s top energy prospects,” said Sandra Jeque, Event and Project director at Energy Capital & Power, organisers of IAE 2024.
The Republic of Congo has seen international operators scaling up exploration activities on- and offshore in recent months. Unlocking a new geological play, independent hydrocarbon producer Perenco made a shallow water discovery at its PNGF Sud license in November 2022 and recently completed a 3D seismic acquisition campaign on the Tchibouela II, Tchendo II, Marine XXVIII and Emeraude permits, paving the way for future exploration drilling. Eni is focusing exploration efforts on the conventional and deep offshore areas off the coast of Pointe-Noire and onshore Koilou area, while Southernpec subsidiary Wing Wah is leading development of the Banga Kayo block.
As one of the country’s leading operators, TotalEnergies is set to drill the Niamou-1 exploration well on its Marine XX offshore block, while operating the producing Moho Nord, Moho-Bilondo, Nkossa, Nsoko II, Yanga and Sendji offshore fields. National oil company SNPC’s own production is expected to rise another 10,000 bpd in 2024 on the back of new drilling equipment, increased operational efficiencies and an upcoming focus on onshore exploration. The state-backed firm recently completed a fourth phase of reprocessing offshore 3D seismic, in partnership with geophysical company PGS, to form a regional dataset in open blocks Marine XIX and Marine XXX and provide a better view of Congo’s shelf and deepwater.
Returning to Paris for its second edition, the IAE Forum, which is organised by Energy Capital & Power, connects African energy projects with global investors, identifying investment needs and delineating specific areas for collaboration.
