Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo (ROC), has joined the Angola Oil&Gasoline (AOG) convention as a speaker. Throughout the convention – scheduled for October 2-3 in Luanda – Minister Itoua will present perception into rising alternatives in oil exploration, fuel monetization and LNG growth, in addition to potential areas for collaboration between the 2 international locations.
Each ROC and Angola have set daring manufacturing targets, aiming to extend oil output to 500,000 barrels per day (bpd) and 1.1 million bpd, respectively. Each international locations’ favorable funding climates have sparked the curiosity of a robust slate of E&P companies, with AOG 2024 set to not solely assist nationwide oil and fuel goals, but additionally supply a platform for engagement in rising cross-border tasks.
AOG is the biggest oil and fuel occasion in Angola. Happening with the total assist of the Ministry of Mineral Sources, Oil and Gasoline; nationwide oil firm Sonangol; the Nationwide Oil, Gasoline and Biofuels Company; the African Vitality Chamber; and the Petroleum Derivatives Regulatory Institute, the occasion is a platform to signal offers and advance Angola’s oil and fuel trade. To sponsor or take part as a delegate, please contact sales@energycapitalpower.com.
To assist oil manufacturing, ROC is selling funding in frontier exploration alongside incremental manufacturing from current belongings. The Central African nation – with 1.8 billion barrels of confirmed oil reserves – has a number of upstream campaigns underway that purpose to unlock new discoveries. Impartial vitality firm Perenco, for instance, accomplished 3D seismic surveys on the Tchibouela II, Tchendo II, Marine XXVIII and Emeraude permits in November 2023. Vitality main TotalEnergies has introduced plans to take a position $600 million to drive exploration and manufacturing actions within the nation, particularly by means of the event of the Moho Nord area. The sector presently accounts for almost half of complete Congolese oil manufacturing, producing an estimated 140,000 bpd. The funding will assist drilling operations consistent with nationwide targets to bolster output.
In the meantime, ROC is dedicated to monetizing its fuel sources by means of each related and non-associated tasks. The nation reached a milestone in March 2024 with the supply of its first LNG cargo to Italy from the Congo LNG growth. Because the nation’s inaugural LNG facility, the challenge employed a fast-tracked strategy whereby LNG was produced simply 12 months after FID. By 2025, the Congo LNG challenge is predicted to provide 2.4 million tons every year, with ROC becoming a member of the likes of Angola as a serious African LNG exporter.
Additional supporting its fuel monetization drive, ROC is making progress with the event of the Bango Kayo challenge. Set to achieve peak oil manufacturing of fifty,000 bpd, challenge developer Wing Wah is deploying an built-in strategy to increase the challenge by means of a number of phases. The challenge will start monetizing previously-flared fuel to assist the nation’s industrial sector, serving as a mannequin for different African oil producers together with Angola, which is striving to maximise manufacturing from mature belongings.
Minister Itoua’s participation at AOG 2024 not solely speaks to the caliber of the occasion because the premier oil and fuel convention in Angola, however creates new alternatives for bilateral collaboration within the fields of LNG manufacturing and oilfield growth. Angola and ROC – each providing promising alternatives in offshore exploration and tie-ins to current onshore infrastructure – signify extremely enticing hydrocarbons markets, with the AOG 2024 convention set to attach world traders with potential alternatives.
Minister Itoua can be joined by Maixent Raoul Ominga, Managing Director of the Congo’s nationwide oil firm Société Nationale des Pétroles du Congo at AOG 2024. For extra info, go to www.AngolaOilAndGas.com.
Distributed by APO Group on behalf of Vitality Capital&Energy.