Congo is the third-largest oil producer in sub-Saharan Africa after Nigeria and Angola, with an estimated production of 336,000 barrels of crude oil per day. With 2.9 billion barrels of oil reserves and 10 trillion cubic feet of natural gas, Congo is more than ready to take over from its sitting neighbour Angola, come 2022.
Organization of the Petroleum Exporting Countries (OPEC’s) secretary-General Mohammed Barkindo was in the central African country last week where he met with the country’s leaders.
“I would like to reassure investors that we in OPEC will continue to work for the leadership of African countries in this organization,” Barkindo said during a press conference.
Meanwhile, Congo’s state oil company SNPC has emphasized the role that natural gas will play in alleviating poverty and positioning the country as a regional energy hub.
In recent years, the country has seen a drop in oil revenues due, among other things, to production cuts imposed by OPEC amid concerns that producers Total and Eni are cheating the country.