Congo

Congo Republic to boost oil output to 350,000 bpd in 2018

June 12, 2017 | Budget & Investment, Congo, Government & Regulations

London, UK  | – Oil projects in the Congo Republic will boost output by 25 percent to 350,000 barrels per day in 2018 according to a new report by Reuters. As low oil prices hit economies across Africa, Congo Republic is boosting output and attracting major investment that could make it one of the continent’s largest producers by next year. The former French colony, ruled by President Denis Sassou Nguesso for all but five years since 1979, will become the third-largest oil producer in sub-Saharan …

Congolese Oil Company sees output accord after tribunal ruling

March 28, 2017 | Congo, Government & Regulations, Legal

Company has right to enforce deal for Lake Tanganyika blocks Government must award contract within six months of ruling London, UK | – La Generale Petroliere du Congo, a family-owned exploration company, said it expects the Democratic Republic of Congo’s government to sign an oil production-sharing contract after a tribunal upheld its rights to blocks covering the length of Lake Tanganyika. The Oil Ministry is establishing a commission with the prime minister’s office, the justice and budget ministries and representatives from the company, known as …

Total begins production from Congo’s Moho Nord deep offshore project

March 17, 2017 | Congo, Development / Production

London, UK |  – Total S.A. , a French multinational integrated oil and gas company has started production from the Moho Nord deep offshore project 75km offshore from Pointe-Noire, Republic of the Congo. The project is capable of producing around 100,000 barrels of oil equivalent per day (boepd). Total Exploration and Production president Arnaud Breuillac said: “Moho Nord is the biggest oil development to date in the Republic of the Congo. A showcase for Total’s deep offshore operational excellence, it consolidates our leading position in Africa. “Moho …

Tanzania, DR Congo sign MoU over lake Tanganyika oil exploration

October 05, 2016 | Congo, Exploration / Discoveries, Tanzania

Dar es Salaam, Tanzania |  — The governments of the United Republic of Tanzania and the Democratic Republic of Congo (DRC) Tuesday sign a Memorandum of Understanding (MoU) to pave the way for joint oil and gas exploration in and along Lake Tanganyika. The MoU was signed by DRC Petroleum and Gas minister Ngoy Mukena and Tanzania’s Energy and Minerals minister Prof Sospeter Muhongo at the Tanzanian State House. President John Magufuli and his DRC counterpart Joseph Kabila were present to witness the event. “We …

Congo orders mining and oil firms to pay taxes in US dollars

March 20, 2016 | Congo, Government & Regulations

Kinshasa, Congo | – Mining and oil firms in Democratic Republic of Congo must pay taxes and import duties in US dollars from this weekend rather than in the national currency, the Central Bank of the Congo said. The decision is part of an attempt by authorities to increase reserves of foreign currency, weakened by a slump in global mining and oil prices that has hit government revenue. It reverses a policy established in 2014 to require companies to pay taxes in francs as part …

Eni starts production at Nene Marine field in Congo

January 06, 2015 | Congo, Development / Production

London, UK | – Italian multinational oil giant Eni has started production at the Nene Marine field in the Republic of Congo only 16 months after making the discovery. The field, which is located in Marine XII Block some 17 kilometres off the Congolese coast, will be developed in several stages and production will plateau at more than 140,000 boe/d, Eni said. “The startup of Nené Marine field achieved just eight months after obtaining the production permit is a great result for Eni, and confirms …

Italy’s Eni successfully completes Congo oil production test

December 17, 2014 | Congo, Development / Production

Rome, Italy | – Italian energy giant Eni has successfully completed a production test on the Minsala Marine 1 oil well in Congo. The well is in Marine XII Block offshore Congo, 35 kilometres from the shore and 12 kilometres from the recent Nene’ Marine discovery. It delivered a natural flow of more than 5,000 barrels of oil a day and 14 million standard cubic feet of gas a day from a 37 metres section of the 420 metres oil column which has been discovered. …

Israeli billionaire finds 3 billion barrel oil reserve in Congo

August 07, 2014 | Congo, Exploration / Discoveries

Cape Town, South Africa | – An oil company owned by Israeli billionaire Dan Gertler said on Thursday it had discovered reserves of around 3 billion barrels in the Democratic Republic of Congo, an amount similar to the proven reserves of oil producers Britain and South Sudan. The crude was discovered around Lake Albert on Congo’s eastern border with Uganda, Oil of DRCongo said in a statement. An analysis of seismic survey data “indicates around 3 billion barrels of oil in place”, it said. “These …