“This award of a promising Exploration permit, with the material Nzombo prospect, reflects our continued strategy of expanding our Exploration portfolio with high impact prospects, which can be developed leveraging our existing facilities, and confirms our longstanding partnership with the Republic of the Congo,” senior vice-president exploration Kevin McLachlan said.
In a bid to optimize the country’s gas potential and revitalize its hydrocarbons sector, the Republic of Congo’s National Oil Company, Société Nationale des Pétroles du Congo (SNPC), has outlined its forthcoming Gas Master Plan (GMP). The plan is designed to promote gas utilization and attract foreign investment while reducing dependency on oil revenues and expanding the country’s power grid.
The GMP was outlined by Dr. Bi-Dia-Ayo Ibata, Head of Associations Division and Supervisory Relations, SNPC during a technical session at the Congo Energy & Investment Forum in Brazzaville.
The Republic of Congo (ROC) is preparing a new Gas Code to incentivize investment across the natural gas value chain. Concurrently, the country is preparing to launch its Gas Master Plan (GMP), serving as a roadmap for investing in the ROC’s gas sector. These policies mark a pivotal step towards rolling out the requisite infrastructure to stimulate industrialization and economic growth.
French oil and gas supermajor TotalEnergies announced in May that the company intends to invest $600 million in the Republic of Congo (ROC) before 2024 is out. The funding will support exploration and improve production in the deep offshore Moho Nord field, which currently produces at a rate of 140,000 barrels per day (bpd), accounting for roughly half of all Congolese oil production. With their added capital, TotalEnergies expects to increase this rate by 40,000 bpd — a welcome boost that will undoubtedly help the ROC get closer to its goal of doubling its total daily rate to 500,000 bpd.
The Republic of Congo’s Minister of Hydrocarbons Bruno Jean-Richard Itoua participated in two historic OPEC meetings on June 2, where the decision was made to extend oil production cuts into 2025.