The Oil & Gas Year Congo-Brazzaville 2014
The Oil & Gas Year’s first book on Congo-Brazzaville delves into a nation that could be one of Sub-Saharan Africa’s top three producers by 2017. That goal depends on its first deepwater offshore project, Total’s $10-billion Moho Nord project. The French company is aiming for first oil in 2016 and 140,000 barrels of oil equivalent per day by 2017.
Italy’s Eni estimates that its recent hydrocarbons find in offshore Con- go-Brazzaville, at the Nene Marine field, contains around 1.2 billion barrels of oil and 30 bcm (1.06 tcf) of gas. In 2008, Eni signed a deal with the government to explore and develop the oil sands deposits in Tchikatanga and Tchikatanga-Makola, covering a total of 1,790 square kilometres in the south of Congo-Brazzaville. Preliminary studies estimate that the area contains up to 2.5 billion barrels of unrisked bitumen.
With massive resources such as these on the horizon and a real effort by government to move towards a more stable political environment, the country has embarked on gradual reforms of the economy, extending to oil and gas activities. Tax allowances for major oil companies and a more relaxed profit-sharing scheme have led to a new influx of foreign investment by international oil companies.
The Oil & Gas Year Congo-Brazzaville 2014 interviewed national leaders and key business executives. Interviewees include Minister of Hydrocarbons André Raphaël Loemba, Société Nationale des Pétroles du Congo director general Jérôme Koko and Total E&P Congo director general Pierre Jessua
The Oil & Gas Year Congo-Brazzaville 2014 is an investor’s guide to a market that peaked in 2011 but stands to far exceed that peak if new prospects can be brought online.