Republic of Congo’s oil reserves put at 2 billion barrels of oil

February 21, 2014 | Congo

Congo oil blocks

Congo oil blocks

Brazzaville, Congo – The Republic of Congo has an estimated 2 billion barrels of oil reserves, a report of the executive committee of the Initiative for Transparency in Extractive Industries (ITIE) has shown.

The report presented Thursday in Brazzaville showed that the Central African country has proven deposits of 2.5 billion barrels of oil sands in the southern Kouilou province.

“The gas reserves, especially in the offshore, are estimated to be over 100 billion cubic meters, placing the country in the fifth position in sub-Saharan Africa,” it added.

In 2012, the Republic of Congo produced 110 million barrels of oil, or 300,000 barrels of daily, becoming the fourth largest oil producer in sub-Saharan Africa.

However, according to the report, if no new significant oil fields are discovered, then by 2020 the country will be producing only 270,000 barrels per day. This is due to the fact that some oil fields have already attained maturity.

The report noted that in 2012, there were eight oil operators in the Republic of Congo.