Congo: 22 wells drilled to increase oil volumes

Société nationale des pétroles du Congo (SNPC) has unveiled an ambitious plan to drill 22 new oil wells this year, aimed at boosting crude production and stimulating the national economy in record time. The announcement, made by SNPC CEO Maixent Raoul Ominga, is part of a wider strategy to consolidate Congo's position as the third largest oil producer in sub-Saharan Africa.

The oil sector remains the economic engine of the Congo, accounting for around 50% of gross domestic product (GDP) and 80% of national exports. Given this reality, SNPC intends to boost production capacity to meet growing market needs and support economic growth. "This year, we plan to drill around 22 wells on oil licences such as Nonga and Kouakouala," explained Maixent Raoul Ominga. These operations will require an additional investment of FCFA 100 billion (around USD 159 million), which SNPC intends to raise via a public bond issue.

This approach marks an evolution in the company's financing methods. "We are used to other methods of financing, but we want to involve the CEMAC sub-region and communicate about our activities", added Ominga. To orchestrate this fundraising, SNPC is relying on a consortium of arrangers led by LCB Capital, with an overall target of FCFA 300 billion (USD 478 million) on the domestic capital market.

The Congolese government is making no secret of its aspirations. At a recent press conference, Hydrocarbons Minister Bruno Jean-Richard Itoua set a clear course: to increase oil production from 274,000 to 500,000 barrels per day by the end of next year. "We want to strengthen Congo's role on the regional energy scene", he said. To achieve this, Brazzaville plans to launch a new licensing round, an initiative designed to attract international investors and diversify partnerships in the sector.

This programme is part of a drive to modernise and open up the Congolese oil market. The new wells, combined with a strategy to attract foreign capital, should enable the country to take full advantage of its resources and consolidate its position as one of Africa's oil leaders.

By mobilising funds locally while opening up to global investors, Congo is sending out a clear message: it intends to play a central role in the energy economy of the CEMAC region and beyond. The drilling of 22 wells at strategic sites is a first concrete step towards this goal. "These operations will not only boost our production, but also create economic opportunities for the country and its partners," emphasised Maixent Raoul Ominga.

With this project, Congo is positioning itself as a key player, ready to meet the continent's energy and economic challenges. It remains to be seen how this ambitious roadmap will pan out in the months to come, as all eyes are already on the results of this drilling campaign and the fallout from the appeal to international investors.