Congo - Hydrocarbons - National oil production

The hydrocarbon sector occupies a predominant place in the economy, with subcontracting activities and related services. 2023 will be a pivotal year in the fossil fuel sector, with the launch of numerous projects aimed at bringing the Congo to economic maturity.

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Congo Brazzaville is a market of 5.7 million inhabitants, ranked third among sub-Saharan African oil-producing countries. With a production of 340,000 barrels/day, oil represents two-thirds of government revenue. Thus, the structure of the Congolese economy has not generally changed over the past fifteen years. It is mainly based on the hydrocarbon sector, which represents approximately 42 billion GDP, 80 billion exports, and 60 billion domestic revenue. Despite its dominant role in the country's economy and industrial fabric, the oil sector employs only 20 billion of the workforce.

More than thirty fields are in the exploitation phase with around ten multinationals operating in the oil fields.

In its latest report, the World Bank emphasizes that if the Republic of Congo wants to put itself on the path to long-term prosperity, it must diversify its economy to become less dependent on oil. With the recent volatility in oil prices, Congo wants to reduce its exposure to the sharp cyclical fluctuations in global commodity markets.

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The public authorities have also committed to the ecological transition while ensuring better exploitation of mature fields. Nearly 1.8 billion euros of foreign direct investment in the oil sector is expected by the public authorities thanks to significant future investments in LNG production, biofuel production projects (acacia, castor oil, etc.) and pre-salt exploration projects, etc.

When it comes to hydrocarbons, Congo faces two main challenges. The first is to halt the decline and stabilize liquid oil production; the second concerns gas.

TotalEnergies, Perenco, and Eni have a $4 billion investment plan in Congo. To meet demand, the country must move toward an energy mix that continues to finance its development, an energy mix in which fossil fuels will still have a place.

It is, however, possible to produce clean fossil fuels. Congo is currently developing a castor-oil farming project with Eni to produce biofuels. For its part, TotalEnergies has launched a project that will allow the sequestration of 10 million tons of carbon, much more than the carbon it emits. Congo will once again be a carbon sink for the world, not to mention the advantage of peatlands.