Congo Hydrocarbons Minister to Discuss Gas Monetization at Angola Oil & Gas 2024

The Republic of Congo and Angola have outlined ambitious oil and gas production goals, presenting strategic areas for bilateral investment and collaboration.

Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo (ROC)

Bruno Jean-Richard Itoua, the esteemed Minister of Hydrocarbons of the Republic of Congo (ROC), has graciously accepted invitation to join the Angola Oil & Gas (AOG) conference as a distinguished speaker. During the conference, which will take place from October 2nd to 3rd in Luanda, Minister Itoua will share his profound insights into the emerging opportunities in oil exploration, gas monetization, and LNG development. Additionally, he will explore potential areas for mutually beneficial collaboration between the Republic of Congo and Angola.

Both ROC and Angola have set bold production targets, aiming to increase oil output to 500,000 barrels per day (bpd) and 1.1 million bpd, respectively. Both countries’ favorable investment climates have sparked the interest of a strong slate of E&P firms, with AOG 2024 set to not only support national oil and gas objectives, but also offer a platform for engagement in emerging cross-border projects.  

AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

To support oil production, ROC is promoting investment in frontier exploration alongside incremental production from existing assets. The Central African country – with 1.8 billion barrels of proven oil reserves – has several upstream campaigns underway that aim to unlock new discoveries. Independent energy company Perenco, for example, completed 3D seismic surveys at the Tchibouela II, Tchendo II, Marine XXVIII and Emeraude permits in November 2023. Energy major TotalEnergies has announced plans to invest $600 million to drive exploration and production activities in the country, specifically through the development of the Moho Nord field. The field currently accounts for nearly half of total Congolese oil production, producing an estimated 140,000 bpd. The investment will support drilling operations in line with national targets to bolster output.

Meanwhile, ROC is committed to monetizing its gas resources through both associated and non-associated projects. The country reached a milestone in March 2024 with the delivery of its first LNG cargo to Italy from the Congo LNG development. As the country’s inaugural LNG facility, the project employed a fast-tracked approach whereby LNG was produced just 12 months after FID. By 2025, the Congo LNG project is expected to produce 2.4 million tons per annum, with ROC joining the likes of Angola as a major African LNG exporter.

Further supporting its gas monetization drive, ROC is making progress with the development of the Bango Kayo project. Set to reach peak oil production of 50,000 bpd, project developer Wing Wah is deploying an integrated approach to expand the project through multiple phases. The project will begin monetizing previously-flared gas to support the country’s industrial sector, serving as a model for other African oil producers including Angola, which is striving to maximize production from mature assets.

Minister Itoua's participation at AOG 2024 not only underscores the event's prominence as the leading oil and gas conference in Angola, but also presents novel avenues for bilateral cooperation in the realms of LNG production and oilfield development. Angola and ROC, both of which offer promising prospects in offshore exploration and integration with existing onshore infrastructure, constitute highly compelling hydrocarbons markets. The AOG 2024 conference is poised to facilitate connections between global investors and potential opportunities.

The Honorable Minister Itoua will be accompanied by Mr. Maixent Raoul Ominga, the esteemed Managing Director of the esteemed Congolese national oil company, Société Nationale des Pétroles du Congo, at the AOG 2024 conference.. For more information, visit www.AngolaOilAndGas.com.

July 04, 2024