Republic of Congo Hydrocarbons Minister to Discuss Gas Monetization at Angola Oil & Gas (AOG) 2024

LUANDA, Angola, July 4, 2024/ — Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo (ROC), has joined the Angola Oil & Gas (AOG) conference as a speaker. During the conference – scheduled for October 2-3 in Luanda – Minister Itoua will provide insight into emerging opportunities in oil exploration, gas monetization and LNG development, as well as potential areas for collaboration between the two countries.

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 speaks to the caliber of the event as the premier oil and gas conference in Angola, but creates new opportunities for bilateral collaboration in the fields of LNG production and oilfield development.

Angola and ROC – both offering promising opportunities in offshore exploration and tie-ins to existing onshore infrastructure – represent highly attractive hydrocarbons markets, with the AOG 2024 conference set to connect global investors with prospective opportunities.

Minister Itoua will be joined by Maixent Raoul Ominga, Managing Director of the Congo’s national oil company Société Nationale des Pétroles du Congo at AOG 2024. For more information, visit www.AngolaOilAndGas.com.