- The Republic of Congo Energies forum will be part of this year’s African Energy Week (AEW) expo.
- The conference and exhibition are scheduled for October 16-20, 2023 in Cape Town.
- Forum will facilitate new oil and renewable energy investment deals for the country.
Invest in the Republic of Congo Energies forum will be a part of this year’s African Energy Week (AEW) conference. Recognized as Africa’s foremost energy event, AEW will take place in Cape Town from October 16 to 20, this year.
Under the theme of ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization, and Free Markets’, the Invest in the Republic of Congo Energies country spotlight will bring together energy policymakers and companies from the central African country with global investors. The forum aims to address pressing industry challenges while showcasing and optimizing energy transition opportunities.
Unlocking the country’s potential
The Republic of Congo is striving to maximize the development and exploitation of its significant energy reserves. The country has 1,811 million barrels of proven oil and 284 billion cubic meters of gas.
These resources are crucial for driving the country’s gross domestic product growth and ensuring energy security. As a result, the country’s upstream, midstream, and downstream development sectors are experiencing a surge in opportunities for investors.
Several regional and global energy companies have already recognized the potential of the Congolese market. Technip Energies, a global energy service provider, is collaborating with the Ministry of Hydrocarbons to expand offshore field cooperation.
Additionally, Expro, an energy services firm, has signed a contract with Eni for the development of a LNG pre-treatment plant. Eni, in partnership with New Fortress Energy, is focusing on increasing exports to Europe. The company plans to boost production from one billion cubic meters per annum in 2023 to 4.5 billion cubic meters by 2025. Eni recently inaugurated the Congo LNG project, which has a production capacity of 3 million tonnes per annum.
Gas investment opportunities in the Congo
While the Republic of Congo is already one of Africa’s top four oil producers, the country is actively seeking new investments in gas. It wants to maximize reserves across marginal and large-scale plays. In line with the Gas Master Plan, which aims to promote the utilization of up to 10 trillion cubic feet of gas reserves, the government is leveraging domestic gas for power generation. This opens up a wave of opportunities in the gas-to-power, storage, LNG, and liquefied petroleum gas sectors, inviting investors and developers to participate in this highly promising market.
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NJ Ayuk, the Executive Chairman of the AEC, expressed his pride in hosting a strong delegation of Congolese decision-makers and energy companies during the Invest in the Republic of Congo Energies country spotlight at AEW 2023. This platform will showcase natural gas production and opportunities in the country’s hydrocarbon-rich basins. The forum will also foster collaboration, insight, and the establishment of new deals.
Crude oil production in Congo
Beyond natural gas, the Republic of Congo boasts significant oil reserves. The country offers a favourable fiscal environment that promises high returns on investment. As an OPEC member, the country possesses solid production experience and attracts energy majors to its market. Companies like Perenco have brought wells onstream at the Boatou development and recently acquired Eni’s Congolese oil assets in a $300 million deal. The participation of global major Chevron, as well as energy service providers Halliburton and Baker Hughes, further demonstrates the market’s potential and size.
Through ongoing revitalization of oil fiscal terms and drilling campaigns in strategic areas, such as the Lianzi Unitization Zone, Nkossa, Nsoko, and Moho Bilondo, the Republic of Congo has been able to attract new investments. The country is making significant discoveries, and initiating new production lines. These efforts are enhancing energy security and driving socio-economic development. The Invest in The Republic of Congo Energies forum at AEW 2023 will be facilitating new oil investment deals for the country.
Renewable energy
The Republic of Congo is also committed to diversifying its economy. It is maximizing energy transition opportunities, and improving consumer access to clean and reliable energy. The establishment of the Oyo Centre of Excellence for Renewable Energy and Energy Efficiency exemplifies this commitment.
During AEW 2023, the country spotlight will unite Congolese energy stakeholders with global investors in the renewable energy sector. Technical presentations and exclusive networking opportunities will enable the forging of partnerships and the signing of industry-changing deals.
