The Republic of Congo aims to produce three million tons per annum of LNG from the inaugural Marine XII development by 2025. Developed by Italy’s Eni, the project delivered its first LNG cargo this year and has laid the foundation for new investments in Congolese gas.
Speaking during the second annual Invest in African Energy (IAE) conference in Paris, the country’s Minister of Hydrocarbons Bruno Jean-Richard Itoua underscored the role project’s such as this play in the country’s energy transition and how international collaboration serves as a catalyst for both project development and climate resilience.
“We are actively seeking to collaborate with international partners who share our vision of natural resource exploitation that is both fair and sustainable. This collaboration is essential for developing innovative technologies, cleaner production methods and ensuring the equitable distribution of benefits generated by our natural resources,” stated Minister Itoua.
By partnering with foreign firms, African countries stand to accelerate the pace of the transition while unlocking a wave of economic benefits. Contributing the least to global greenhouse gas emissions, Africa also faces the worst impacts of climate change at a time when the continent is making great strides to alleviate energy poverty.
According to Minister Itoua, “We cannot make the transition to a renewable energy-based economy in isolation. It requires international cooperation and a shared willingness to rethink our growth and consumption models.”
As such, the country is inviting foreign investors to collaborate on oil, gas and infrastructure projects. Rich in over 10 trillion cubic of proven natural gas resources, the Republic of Congo is advancing project developments with the goal of addressing energy poverty and driving regional economic growth. Through the adoption of low-carbon technologies and collaborations with international project developers, upcoming projects serve as a benchmark for other gas-rich countries in Africa. In addition to Eni’s Marine XII permit, Wing Wah’s multi-phase Banga Kayo project is expected to produce 30 billion cubic meters of associated gas.
“These initiatives reflect our desire not only to exploit our resources but to use them in a more eco-responsible and sustainable manner. Beyond these projects, our long-term vision for Congo is to create attractive environments for future investments,” Minister Itoua added.
To attract new investment in oil and gas projects, the country is revising existing regulatory frameworks – with a new Gas Code on the horizon – updating existing hydrocarbons codes; while addressing challenges faced by investors.
According to Minister Itoua, “Our goal is clear: not only to optimize the use of existing resources but also to develop local infrastructure and skills that will create a solid and sustainable value chain. These efforts aim to make our projects not only viable but exemplary in terms of environmental respective, and contributing to our region’s sustainable economic development.”
Distributed by APO Group on behalf of Energy Capital&Power.