The Republic of the Congo and the Chinese oil and gas company Wing Wah have signed a US$23bn hydrocarbon agreement for the integrated development of the Banga Kayo, Holmoni, and Cayo permits. The deal paves the way for a significant transformation of Congo's oil sector, with the objective of increasing national production to 200 kb/d by 2030.
Under the agreement, Congo aims to achieve cumulative production of over 1.3 Gbl across the three permits by 2050. The project also features an integrated gas monetization component, involving the multi-phase expansion of LNG, LPG, butane, and propane production capacities, designed to meet both domestic demand and export market needs.
Congo’s oil and NGL production declined by 20% between 2019 and 2022, reaching 13.7 Mt, but rebounded in 2023 to 14.3 Mt.