Congo - National oil production

The hydrocarbon sector plays a dominant role in the economy, with subcontracting activities and related services. 2023 is a pivotal year for fossil fuels, with the launch of numerous projects aimed at bringing 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 per day, oil accounts for two-thirds of state revenue. Thus, the structure of the Congolese economy has remained largely unchanged over the past fifteen years. It relies primarily on the hydrocarbon sector, which represents approximately 42% of GDP, 80% of exports, and 60% of domestic revenue. Despite its dominant role in the country's economy and industrial fabric, the oil sector employs only 20% of the workforce.

More than thirty fields are in the exploitation phase with about ten multinational companies operating on the oil fields.

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

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

In terms of 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 diversify its energy mix to continue financing its development, a mix in which fossil fuels will still play a role.

However, it is possible to produce clean fossil fuels. The Congo is currently developing a castor bean cultivation project with Eni to produce biofuels. For its part, TotalEnergies has launched a project that will sequester 10 million tons of carbon, significantly more than its carbon emissions. The Congo will once again be a carbon sink for the world, not to mention the advantage of its peatlands.