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OIL
The Republic of Congo expects to increase its crude oil output within a year ahead of the negotiations over OPEC production baselines in November that could result in a quota rise for next year, while it also plans to double natural gas production in two-three years, Minister of Hydrocarbons Bruno Jean-Richard Itoua said.
- African OPEC members race to demonstrate bigger output volumes to avoid major cuts to their production baselines. The reductions were agreed at the last OPEC+ ministerial meeting on 4 June, with Congo-Brazzaville, Nigeria, Angola and Equatorial Guinea failing to hit their quotas in recent years.
- The group has been given until November 2023 to demonstrate that they can increase output.
- Congo-Brazzaville's production was currently just below 300,000 boe/d but would rise to 400,000 boe/d by next year, most of it from oil, Itoua said.
- The African country's production quota currently stands at 310,000 b/d, but output was 290,000 b/d in May, according to the Platts OPEC+ production survey by S&P Global.
- According to forecasts from S&P Global, Congo-Brazzaville's total oil and gas production was expected to rise to 114.2 million boe in 2030, from 108.6 million boe in 2023, driven by new projects.
- On the gas side, Itoua said: "I hope we will be able to double [gas] production in the next two-three years," he said.
- The country is planning to develop the Marine XII gas project, which Congo-Brazzaville hopes will launch in December. It also plans to launch LNG shipments in October and increase exports from 600,000 mt/year to 3 million mt of LNG in 2025 when a second 2.4 million mt/year floating LNG plant is commissioned.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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