Republic of Congo to host first-ever international energy summit in Brazzaville
Energy Capital & Power (ECP) is excited to announce the launch of the first-ever Congo International Energy Summit and Exhibition taking place in the Republic of the Congo on June 15, 16 and 17 2022, which is set to position the country as a key driver of the Central and West African energy narrative. The summit will introduce investors to the post-COVID-19 energy transition-landscape of one of Africa’s most mature markets, while opening up broader discussions on the role of regional and international players in facilitating investment and maximizing African gas plays.
The event will showcase partnership and investment opportunities in hydrocarbon exploration, gas monetization, green energy and downstream industries across the continent, with a focus on the Republic of the Congo as a key energy investment destination across oil, gas and power sectors.
Representing Africa’s third largest oil producer – with reserves estimated at 2.9 billion barrels and output at 336,000 barrels per day (bpd) – the Republic of the Congo boasts the active participation of some of the world’s top oil and gas companies. Notable operators in the country include TotalEnergies E&P, recognized as the largest producer in the country with an estimated 200,000 bpd output. With participating interests in four offshore fields – including Moho-Bilondo; Nkossa/Nsoko; Sendji; and Yanga – the company is a key contributor to the country’s hydrocarbon success. Additionally, Italian multinational player Eni has been active in the country since 1968 in the exploration and production, refining, marketing and chemicals sectors. The company produces in over ten oilfields including Nené Marine and Litchendjili – 140,000 bpd -, Ikalou, Awa Paloukou, M’Boundi, and Kouakouala, to name a few. Meanwhile, Perenco, one of the newest operators to enter the market, operates the Yombo, Masseko, Likoula, Emeraude and PGNF South fields, producing on average 75,000 bpd. Additional international oil companies driving the Congo’s energy expansion include Chevron Overseas Congo Ltd – with operating interests in the Lianzi Unitization Zone and the offshore fields of Nkossa, Nsoo and Moho-Bilondo, producing an average 49,000 bpd.
The Congolese government has implemented several key reforms aimed at attracting upstream investment and cementing its status as sub-Saharan Africa’s third-largest oil producer. National oil company SNPC has been at the forefront of establishing new regulatory frameworks that mitigate organizational and performance inadequacies –investing heavily in infrastructure projects that enhance E&P capabilities. Leading upstream activities in the Kundji and Tilapia fields, SNPC drilled five appraisal wells in 2021, with a view to increasing output by 30,000 bpd. Meanwhile, Italian multinational Eni will bring 12 new wells online in 2022 in Phase 2A of its offshore Nené field development – increasing production by 26,000 bpd – while also carrying out exploration activities involving the construction of an additional platform and drilling of seven new wells.
“The Republic of the Congo and the President have championed the energy sector for years and we are honored to work with this country and all stakeholders to drive investments into Congo’s energy sector,” stated Kelly-Ann Mealia, Chairperson, ECP. “This investment and dealmaking push comes at a critical time in the country’s energy sector development. The event is the official platform to communicate the direction in which the country and its leading companies are headed – in particular, attracting investment to continue exploration and increased production of hydrocarbons, advance domestic and regional gas monetization and facilitate a continent-wide energy transition,” Concluded Mealia.
In addition to upstream exploration, the African continent is undertaking an ambitious drive to monetize its vast natural gas resources, meeting domestic supply of gas to power to fulfill Africa’s electrification objectives while meeting global decarbonization demands. Harnessing Africa’s natural gas and meeting the domestic supply of gas-to-power to is important to support industrialization throughout the continent. Last November, the Republic of the Congo launched its Integrated Natural Gas Master Plan (GMP) at African Energy Week 2021 in Cape Town, establishing a framework to incentivize and promote the exploitation and development of the country’s 284 billion cubic feet of gas reserves. The Congo has the potential to become a major regional gas player and exporter, obtaining energy independence and security while exporting to gas-hungry regions like Europe. Moreover, the EU’s latest decision to label designated natural gas projects as ‘green’ marks a critical turning point for African gas development, with gas-rich countries like the Republic of the Congo better positioned to attract project financing while fostering an African green dialogue.
The Republic of the Congo also serves as a leader in regional energy diplomacy, having joined the Organization of Petroleum Exporting Countries (OPEC) in 2018 and serving as the headquarters of the African Petroleum Producers Organization (APPO). Last September, OPEC Secretary General Mohammad Barkindo applauded the Congo’s renewed efforts to promote its energy industry during an official visit to Congo-Brazzaville and reaffirmed his endorsement of H.E. Bruno Jean-Richard Itoua, Minister of Hydrocarbons as President of OPEC for 2022. The OPEC delegation helped solidify the country’s position among established and leading oil-producing partners. In the wake of oil price volatility, OPEC-led coordination and unity among petroleum producers have proven critical, particularly for African producers that depend on crude oil exports for the lion’s share of their GDP and foreign exchange earnings.
Source: African Business Communities