The African Energy Chamber (AEC) (http://www.EnergyChamber.org) – the voice of the African energy sector – is proud to announce that an Invest in the Republic of Congo Energies forum will take place during this year’s edition of the African Energy Week (AEW) conference and exhibition – Africa’s premier event for the energy sector, scheduled for 16 – 20 October in Cape Town.
Taking place under the AEW 2023 umbrella theme, ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization and Free Markets’, the Invest in the Republic of Congo Energies country spotlight will unite the central African country’s energy policymakers and companies with global investors to discuss pressing industry challenges while showcasing and optimizing energy transition opportunities.
With the Congo seeking to maximize the development and exploitation of its 1,811 million barrels of proven oil and 284 billion cubic meters of gas reserves to drive gross domestic product growth and energy security both at local and regional levels, the country’s upstream, midstream and downstream development sectors are witnessing growing opportunities for project developers and investors alike. Already, a strong slate of regional and global energy companies is capitalizing on the opportunities the market presents. Global energy service provider Technip Energies inked a deal with the Ministry of Hydrocarbons to expand offshore field cooperation while energy services firm Expro signed a contract with Eni for the development of a liquefied natural gas (LNG) pre-treatment plant this year. Additionally, with the aim of increasing exports to Europe from one billion cubic meters per annum in 2023 to 4.5 billion cubic meters from 2025, E&P companies Eni and New Fortress Energy are bolstering production. Eni inaugurated the three-million-ton-per-annum Congo LNG project this year, having partnered with New Fortress for the development in 2022.
However, while the country currently represents one of Africa’s top four producers, the Congo is looking at securing new investment in gas with the aim of maximizing reserves across both marginal and large-scale plays. Notwithstanding efforts to increase exports, the government is committed to leveraging domestic gas for power generation as part of the Gas Master Plan – a framework to promote the utilization of up to 10 trillion cubic feet of gas reserves by attracting foreign investment. In this scenario, a wave of opportunities has opened up across the market, and the government is inviting investors and developers in the gas-to-power, storage, LNG and liquefied petroleum gas spaces to join the highly promising market.
“The Chamber is proud to host a strong delegation of Congolese decision-makers and energy companies during the Invest in the Republic of Congo Energies country spotlight at AEW 2023, where conversations will showcase natural gas production and commercialization prospects within the country’s hydrocarbon-rich basins. The Congo is making a strong play for investment and the country spotlight serves as a pivotal platform for projects to be showcased, opportunities promoted and new deals to be made on the back of collaboration and insight,” stated NJ Ayuk, the Executive Chairman of the AEC.
However, the country’s opportunities transcend natural gas, with significant oil reserves coupled with a favorable fiscal environment promising high returns on investment. The country offers solid production experience as an OPEC member and boasts a wide range of energy majors in its market. These include Perenco, which brought four wells onstream at the Boatou development this year and has recently acquired Eni’s Congolese oil assets in a $300 million deal. The participation of global major Chevron and energy service providers Halliburton and Baker Hughes are also a testament to the market’s potential and size.
Further to positioning the country among the world’s top producers and exporters, the Republic of Congo’s ongoing revitalization of oil fiscal terms and drilling campaigns in the Lianzi Unitization Zone and in the Nkossa, Nsoko and Moho Bilondo areas have enabled the country to attract new investments, make huge discoveries and kickstart new production lines to drive energy security and socioeconomic developments. In this regard, the Invest in The Republic of Congo Energies forum at AEW 2023 will serve to help Congo seal new oil investment deals.
In regard to opportunities within the renewable energy space, the establishment of the Oyo Centre of Excellence for Renewable Energy and Energy Efficiency is a testament to the country’s commitment to diversify the economy, maximize energy transition opportunities and boost consumer access to clean cooking solutions and reliable energy. The AEW 2023 country spotlight, through technical presentations and exclusive networking, will unite Congolese energy stakeholders with global renewables investors to forge partnerships and sign industry-changing deals.
AEW 2023 is the AEC’s annual event driving the African energy renaissance through uniting local and regional energy stakeholders with global investors to discuss the future of African energy. For more information about AEW 2023, visit https://AECWeek.com/