Browsing: gas production

screenshot tradingeconomics.com 2023.07.04 12 12 07

Congo to ramp up oil output with $300M Afreximbank loan

Countries
  • Congo is working to increase its crude oil and gas production ahead of OPEC negotiations in November.
  • Afreximbank is offering $300 million loan to Trident OGX Congo to increase crude oil production by 30%.
  • Congo-Brazzaville’s production is expected to rise to 400,000 barrels per day by next year.

Congo is rolling out a plan to increase crude oil and gas production ahead of vital negotiations over OPEC production baselines in November. In the latest move, the African Export-Import Bank (Afreximbank) has entered into an agreement to provide a $300 million loan to Trident OGX Congo aimed at increasing the country’s crude oil production by 30 per cent. 

The $300 million loan will enhance Congo’s crude oil output significantly within a year, and double gas production in two to three years, effectively stepping up the country’s 2024 output quota. 

Congo-Brazzaville’s production is currently just below 300,000 barrels of oil equivalent per …

In 2019, the oil and gas industry was responsible for around 5.8% of Nigeria’s real GDP, 95% of its foreign currency profits, and 80% of its budgetary income. www.theexchange.africa

Nigeria: the transformative effects of the Petroleum Industry Act (PIA) on the oil and gas industry

Oil&Gas

There is still plenty to accomplish. Even after a year, the PIA is still in a transitional period, with committees deliberating its practical implications. One seasoned Nigerian expert questioned how much the NNPC would change due to its transition into a limited liability corporation. Still, post-PIA data suggests that Nigeria’s oil and gas industry may be moving in the right direction.…