As the Republic of Congo endeavors to boost its oil production to 500,000 barrels per day (bpd) by 2027 and expedite gas exploration and production, the Ministry of Hydrocarbons is simultaneously prioritizing the modernization of downstream infrastructure to address energy insecurity. With new regulatory measures, large-scale infrastructure projects and a strong push toward sustainability, the country has seen an influx of international investment, thereby strengthening Congo’s momentum toward ambitious reforms in the hydrocarbon sector.
Towards Increased Production
The Congolese subsidiary of China Oil Natural Gas Oversees Holding Ltd (Cogo) plans to invest $150 million to boost oil production over the next three years in the Conkouati-Koui and Nanga III fields in Congo. The company will drill four wells – two in each field – with the project set to expand to include 3D seismic surveys and further data analysis. On October 3, 2024, the new Director General of Cogo’s Congolese subsidiary Fublert Dzimbe presented the company’s activity roadmap to the Minister of Hydrocarbons Bruno Jean-Richard Itoua.
Meanwhile, oil and gas supermajor TotalEnergies announced last year that it will invest $600 million to strengthen exploration and production activities in Congo. The investment will be used to finance exploration and maintain production in the country’s deep offshore Moho Nord field, which accounts for approximately half of all Congolese oil production – roughly 140,000 bpd. TotalEnergies’ commitment to Congo’s oil production is set to ensure additional production of 40,000 bpd, adding to the country’s current levels of 267,000 bpd.
Set to finance a seven-year development program across the Mengo-Kundji-Bindi IIoilfields in Congo, oil and gas company Trident secured a $300 million financing facility from pan-African multilateral financing institution Afreximbank in 2023. The capital will enable the company to increase production – up to 30% of national crude output – while opening job creation opportunities.
A Focus on Refining
Currently, the Congolaise de raffinage, a subsidiary of the state-owned Société nationale des pétroles du Congo, operates the nation’s sole refinery in Pointe-Noire. With a processing capacity of one million tons per year, the refinery converts crude oil into finished products such as butane gas, gasoline, kerosene, light diesel and heavy fuel oil, meeting approximately 70% of the country’s refined energy needs.
To address growing domestic demand and reduce the reliance on imports, the government has initiated the construction of a new refinery in Fouta – near Pointe Noire. Known at the Atlantic Petrochemical Refinery, the project is being developed in partnership with the Chinese firm Beijing Fortune Dingheng Investment, representing an investment of around $600 million. The first phase aims to achieve a production capacity of 2.5 million tons per year, focusing on high-quality gasoline and diesel. The refinery is expected to commence operations by the end of 2025, contributing significantly to national energy security.
As sub-Saharan Africa’s fourth-largest oil producer, Congo presents significant investment opportunities for global investors. The country aims to attract fresh capital to its oil sector, with a licensing round set to be launched at the inaugural Congo Energy&Investment Forum (CEIF) 2025, taking place in Brazzaville from March 24-26. Meanwhile, the country is preparing to launch its Gas Master Plan alongside a new Gas Code at CEIF 2025, which are set to provide a strategic framework for investing in the country’s gas value chain.
Distributed by APO Group on behalf of Energy Capital&Power.
