Congo signs major exploration pact with Chinese company

As the Republic of Congo targets increasing production by 200,000 barrels per day by 2030, it has closed a US$23bn agreement on three permits with Chinese company, Wing Wah

Involving the integrated development of the Banga Kayo, Holmoni and Cayo permits, the agreement was officially signed by Bruno Jean-Richard Itoua, Minister of Hydrocarbons of Congo; Jean-Jacques Bouya, Minister of State of Congo, and Xiao Lianping, president general, Wing Wah in August.

This pact can ramp up cumulative production across the three permits to more than 1.3 billion barrels by 2050. 

There will be an integrated gas monetisation component as well, with multi-phase expansion of LNG, LPG, butane and propane production capacity–intended to satisfy both domestic demand and exports. The integrated nature of the development includes scalable gas treatment infrastructure, on-site power generation and water-management systems–all designed for efficiency and community benefit.

The initiative generates employment for around 3,300 Congolese workers.