DR Congo To Unlock 5 Billion Barrels Of Oil

With proven oil reserves of 180 million barrels and an estimated untapped reserve potential of up to 5 billion barrels, the Democratic Republic of the Congo (DR Congi) is set to unlock all 5 billion barrels of oil in its reserves. The country is embarking on an ambitious exploration campaign to leverage its resources for bolstering energy security and stimulating GDP growth.

As the nation ramps up its upstream activities, the upcoming Invest in African Energy (IAE) forum scheduled for May 13 – 14 in Paris will shine a spotlight on lucrative investment prospects across the DRC’s oil and gas value chain.

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This high-profile event will bring together key policymakers and industry stalwarts, including the confirmed participation of Didier Budimbu Ntubuanga, the Congolese Minister of Hydrocarbons. The IAE forum aims to facilitate connections between energy and infrastructure projects and global investors, with a focus on advancing exploration, transportation, processing, and distribution within the DRC and the wider East African region. Presently, the country produces 25,000 barrels of oil per day from its Coast Basin in collaboration with independent hydrocarbon producer Perenco. However, vast hydrocarbon-rich basins such as the promising Albertine Graben, shared with Uganda, remain largely untapped, positioning the DRC as a frontier market with significant potential for oil and gas exploration.

With Perenco and French major TotalEnergies already active within its borders, the DRC is keen on strengthening partnerships with international entities to drive further upstream investments. To this end, the country initiated a 30-block licensing round in early 2022, aiming to unlock oil reserves potentially valued at up to $650 billion.

In January 2023, the DRC granted exploration and production licenses for three Lake Kivu gas blocks to North American energy firms Symbion Power, Winds Energy&Production, and Alfajiri Energy. These awards pave the way for the development of a $300 million, 60 MW gas-to-power project by Symbion Power, which could catalyze further expansion of the country’s gas value chain. Additionally, Perenco’s launch of a new offshore gas production and training platform last May aims to boost domestic gas output while nurturing local talent. DR Congo Unlock 5 billion Oil Barrels and this is expected to boost the economy.

Prioritizing collaboration with regional counterparts, the DRC inked an agreement with Angola last July for the joint development of Block 14, located on the maritime border between the two nations. This collaboration not only encourages investments from block operator Chevron but also enhances Angola’s provision of refined petroleum products to the DRC, bolstering energy resilience within the country. Furthermore, the partnership entails knowledge-sharing initiatives aimed at promoting best practices and expanding the respective oil and gas industries of both countries.

In May of the previous year, the DRC also entered into an agreement with Uganda, facilitating the transportation of oil extracted from the DRC’s Albertine Graben via the planned East African Crude Oil Pipeline for export to global markets. Additionally, a pact with Equatorial Guinea in 2022 outlined plans for the construction of a refinery and storage facilities, poised to usher in a new era of mid- and downstream development, thereby facilitating the export of the DRC’s crude oil to fresh markets.