The African Energy Chamber is proud to announce that Société Nationale des Pétroles du Congo has joined the African Energy Week 2023 conference as a Diamond Sponsor under efforts to drive Africa’s sustainable energy transformation.
The Republic of the Congo has emerged as both a highly attractive investment opportunity and increasingly important energy market, offering global investors high returns while providing neighboring countries with the energy they need to meet rising demand. The country’s National Oil Company (NOC) Société Nationale des Pétroles du Congo (SNPC) has put in place a sustainable energy plan, underpinned by heightened investment in low-carbon oil and gas.
During the African Energy Week (AEW) 2023 conference and exhibition – taking place from October 16-20 in Cape Town – the SNPC will detail this plan while providing insight into the opportunities available in the Congolese energy sector. The SNPC returns to AEW 2023 as a Diamond Sponsor, with a delegation led by Managing Director Maixent Raoul Ominga participating in various conference offerings.
At the forefront of the SNPC’s agenda is an ambition to alleviate energy poverty, unlock sustainable energy solutions for the growth of regional economies while consolidating Africa’s position as a global energy hub. The Congo itself already represents a strong contender on the global energy stage. With proven oil and gas reserves of 1.8 billion barrels and 10 trillion cubic feet, respectively, the Congo has been quick to launch a number of large-scale projects to monetize and utilize untapped resources. In collaboration with regional and international energy companies, these projects have already begun to bring about tangible opportunities for the Congolese population. Notwithstanding economic benefits, Congo’s oil and gas drive has underscored the critical role oil and gas plays in Africa.
As the NOC, the SNPC represents the government’s interests in energy activities. The company’s involvement across the entire energy value chain is a testament to its commitment to maximizing each and every resource available in the country. On the upstream oil and gas front, the SNPC has stakes in a strong pipeline of fields and projects, with operating interests in Mengo-Kundji-Bindi II, with estimated reserves exceeding 300 million barrels, and Mayombe. Currently, the country’s crude output is approximately 300,000 barrels per day (bpd), and the country has plans to increase this figure to 400,000 bpd in 2024. On the back of new projects underway, the country forecasts production to increase to 114.2 million barrels by 2030, solidifying Congo’s role as a major African oil producer.
While these activities are integral for Congo’s energy and economic growth ambitions, the country’s gas progress is what has set it apart from its regional counterparts. Under the Gas Master Plan – a comprehensive framework for monetizing resources and driving sustainable development – the country is making great strides towards spurring electrification, industrialization and broader economic growth. The SNPC spearheads the Plan, with efforts underway to double gas production in the next three years. Driving output is the Marine XII project, a $5 billion which targets first Liquefied Natural Gas (LNG) cargo in December 2023. The SNPC, Eni Congo, Lukoil and Eni SPA signed the Sale and Purchase agreement for the project this week, signaling a major milestone for the three million tons per annum development. These projects are just some of the many initiatives underway in the Congo and spearheaded by the SNPC.
“The SNPC continues to set a strong example for other NOCs in Africa. From working closely with regional authorities to partnering with global energy firms to representing the interests of the population, the SNPC strives to unlock the full potential of the Congolese energy sector. These efforts will be instrumental in making energy poverty history in Africa,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).
As a Diamond Sponsor, the SNPC will take part in a suite of panel discussions, networking forums and investor summits, engaging with various regional and global stakeholders on critical topics. The NOC’s sponsorship serves as a testament to the SNPC’s commitment to the monetizing African energy resources and will lay the foundation for a strong pipeline of deals to be signed.
AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit https://aecweek.com