Gas monetization to spur oil and gas exploration, production in Republic of Congo
(WO) – The Republic of Congo is a mature oil and gas market with proven resources, numbering 1.8 Bboe in reserves and 284 Bcm of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. Yet, a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade and infrastructure upgrades.
Upstream exploration. International operators are ramping up their exploration and production activities in the Congo in 2024 and beyond. Oil and gas asset development company Trident OGX Congo is leading a seven-year development program in the Mengo-Kundji-Bindi oilfields – backed by a $300-million financing package from the African Export-Import Bank and set to increase Congo's crude oil production by 30%.
After completing an extensive 3D seismic data acquisition campaign last November, Perenco is expected to explore for new offshore oil fields on its Tchibouela II, Tchendo II, Marine XXVIII and Emeraude permits – depending on the results of the data – as the company continues to lead exploration in Central Africa.
Gas monetization. In addition to doubling oil and gas production, Congo's Ministry of Hydrocarbons has set the goal to become a leading LNG exporter and key supplier to Europe. With associated needs for gas processing and export infrastructure, this target presents service providers with the opportunity to establish a foothold in this promising arena.
Agreements have already been inked for LNG project deployment and resource monetization with international partners. Italian supermajor Eni is approaching the first cargo from its Tango floating LNG facility – part of the broader Congo LNG development – in Q1 2024. Congo LNG aims to monetize gas resources within the Marine XII permit and features a total installed capacity of 4.5 Bcm per year by 2025.
The upcoming Invest in African Energy (IAE) 2024 forum, scheduled for May 14-15 in Paris, will spotlight promising investment prospects within the Congo’s energy supply chain. With the confirmed participation of Bruno Jean-Richard Itoua, Congolese Minister of Hydrocarbons, IAE 2024 provides a platform for global investors to access the Congo’s key policymakers and exclusive projects, along with Africa’s leading national oil companies and industry stakeholders.
Lead photo: Eni's Tango FLNG facility
