The Republic of Congo’s Minister of Hydrocarbons Bruno Jean-Richard Itoua signed an amended Production Sharing Contract (PSC) with China’s Wing Wah Oil Company for the Banga Kayo block
Marking the start of development at the block, the amended PSC will fast-track work on this strategic asset in partnership with the Chinese company. This, in turn, also advances Congo's larger goal of doubling production to 500,000 barrels per day (bpd).
Three-phase project
The amended PSC classifies the project into three phases, with the first phase marking the start of production in August. The second stage will focus on the commercialisation of resources from February 2025, while the third and final phase - comprising marketing and distribution - will start in December 2025.
The structured development plan outlines a clear path to resource monetisation and is a testament to the role public-private partnerships play in developing oil and gas projects in Africa.
