CONGO: In a major show of confidence in the Republic of Congo’s energy sector, French oil and gas supermajor TotalEnergies has announced plans to invest $600 million to strengthen its exploration and production (E&P) activities in the Central African nation in 2024.
The substantial capital injection will finance exploration efforts and maintain production at the TotalEnergies-operated Moho Nord deep offshore field, which accounts for approximately half of Congo’s total oil output of around 267,000 barrels per day (bpd).
The $600 million investment underscores TotalEnergies’ commitment to developing and monetising Congo’s hydrocarbon resources for the benefit of the country and broader region.
The Moho Nord field, which brings together four reservoirs extending over 320 square km in water depths of 750-1,200 metres, is a cornerstone asset for the French major.
TotalEnergies‘ capital program is expected to unlock additional production of 40,000 bpd from Moho Nord, building on the field’s current output of around 140,000 bpd.
The company is also optimistic about the deep offshore Marine XX permit, where two drilling rigs arrived this month.
TotalEnergies CEO Patrick Pouyanné expressed confidence that the 3,285 square km permit could yield a new discovery before year-end.
In April, TotalEnergies moved to acquire an additional 10 per cent stake in the Moho permit from Trident Energy, which would see the French major’s interest in the asset rise to 63.5 per cent.
The Republic of Congo’s national oil company Société Nationale des Pétroles du Congo (SNPC) holds a 15 per cent stake.
Regionally, the Republic of Congo signed a hydrocarbons cooperation agreement with Algeria on May 21 to develop expertise sharing between SNPC and Algerian state firm Sonatrach, among other areas of partnership.
The African Energy Chamber (AEC) welcomed TotalEnergies’ investment, stating it signals the company’s strong intent to develop Congo’s resources and unlock economic opportunities.
“Congo’s oil and gas can play a much greater role in alleviating energy poverty and driving industrialisation in Africa, and partnerships with companies like TotalEnergies will be instrumental in achieving these objectives,” said NJ Ayuk, AEC’s Executive Chairman.
Ayuk noted that the Republic of Congo is taking historic measures to ensure its hydrocarbon industry drives resource monetisation and energy access across Africa, including a new Gas Master Plan to incentivise gas sector development and domestic utilisation.
