African Energy Week (AEW) 2024 To Spotlight Republic Of The Congo Liquefied Natural Gas (LNG) Capabilities, Hydrocarbon Potential

(MENAFN- African Press Organization)

The Republic of the Congo (ROC) is making significant strides in its energy sector, with the successful start-up of its Congo LNG development – transforming the country into an LNG exporter – and Moho Nord field expansion project. The Invest in the Republic of Congo Energies Country Spotlight – taking place at the African Energy Week (AEW): Invest in African Energy 2024 conference, hosted by the Congo's Ministry of Hydrocarbons and national oil company Société Nationale des Pétroles du Congo (SNPC) – will showcase the country's hydrocarbon prospects and latest industry developments.

The Invest in the ROC session will feature a keynote address by Minister of Hydrocarbons, Bruno JeanRichard Itou. Notable speakers include Maixent Raoul Ominga, Managing Director SNPC; Gerd Nji, CEO of Kariya Energy; and representatives from companies operating in country such as Trident Energy. These experts will discuss the lucrative energy prospects in the Republic of Congo during a roundtable

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The Congo LNG project is central to ROC's vision to become a major regional LNG hub. Led by Italian multinational Eni, the project aims to export 4.5 billion cubic meters per year of LNG by 2025. The project's first phase began in late-2023 with the deployment of the Tango FLNG plant at the Marine XII offshore block, which successfully exported its first LNG cargo to Italy in February. The second phase of the project will see the introduction of a new vessel, increasing production capacity to 3.5 billion cubic meters. With this expansion, the country aims to generate an estimated €44 million in state revenues in 2024, with most exports directed to European markets.

Though ROC holds 1.8 billion barrels of proven oil reserves and 10 trillion cubic feet of proven gas reserves, the country's hydrocarbon resources remain underexplored. Recent initiatives have sought to create dynamic opportunities for exploration investment and have been met with success. Local player Trident OGX Congo is leading a $300-million, seven-year development program in the Mengo-Kundji-Bindi oilfields, projected to increase crude oil production by 30%. Meanwhile, oil and gas independent Perenco is advancing exploration activities based on recent seismic data from its Tchibouela II, Tchendo II, Marine XXVIII and Emeraude permits.

Multinational energy company TotalEnergies has committed $600 million by the end of 2024 to boost in-country exploration and production activities, particularly in the deep offshore Moho Nord field. The Moho Nord field currently produces 140,000 barrels per day (bpd), accounting for nearly half of the country's total crude output. TotalEnergies aims to increase production by 40,000 bpd, supporting the nation's goal of doubling total production to 500,000 bpd. In addition to its efforts at Moho Nord, TotalEnergies is advancing operations at the Niamou-1 well within the Marine XX permit, targeting an estimated 1.4 billion barrels of oil and over 2.7 trillion cubic feet of recoverable gas resources.

ROC is also making strides in gas utilization and monetization as part of its broader energy strategy. A key project within this framework is the Banga Kayo block, operated by China's Wing Wah Oil Company. Initially focused on oil production, the project has evolved into a major gas monetization initiative aimed at reducing flaring and producing LNG and LPG. The signing of an amended PSC between SNPC and Wing Wah in April marks the start of the project's first phase, which targets the production of one million cubic meters of gas per day. Two subsequent phases, scheduled for March and December 2025, aim to increase gas production to five million cubic meters per day, supporting ROC's goal to drive LNG production and transition to a more sustainable future.

In addition, ROC is set to receive $8 million in carbon credits, a critical milestone amid ongoing efforts to monetize its natural resources while contributing to global environmental goals. This achievement is part of the country's broader strategy to leverage its oil and gas reserves in a sustainable manner, supporting economic diversification and environmental conservation initiatives.

“The ROC's commitment to optimizing its hydrocarbon resources and expanding its LNG capabilities underscores its growing significance in the global energy market. This year's country spotlight will showcase the ROC's investment potential and the dynamic opportunities available in the gas and refining sectors,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

The Invest in the Republic of the Congo Energies Country Spotlight at AEW: Invest in African Energy 2024 will connect global investors with the Congo's available opportunities in offshore exploration, gas processing, LNG trade, refining infrastructure and more.

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