Congo: Brazzaville targets CFAF 1,465 billion in oil revenues by 2024.

In 2024, while other major hydrocarbon producers in the region are anticipating a decline in performance, such as Chad, where oil revenues are forecast to fall by 34 billion FCFA, and Cameroon, where revenues are stagnating, the Congolese government is markedly optimistic. In fact, it is forecasting a significant increase in its oil revenues, estimating them at 1,464.9 billion FCFA, representing an increase of 11.1% on the previous year, 2023.

This anticipated increase in oil sales, which make up over 60% of the government budget, should also have a positive impact on other government revenues. In 2024, these are estimated at 1,549 billion FCFA, compared with 1,382 billion FCFA in 2023, an increase of 12.2%. The oil sector accounts for 95% of total government revenues.

In terms of production, the government is betting on the extraction of 107.755 million barrels of oil, based on an average price for a barrel of Congolese crude set at $75 and an exchange rate of 590 CFA francs to the dollar. According to the 2024 Finance Law, adopted on December 15, 2023, the Congolese government's share is set at 29.9%.

Since 2021, Congo's oil revenues have been rising steadily. Starting from 904 billion FCFA in 2021, they grew by 16% in 2022, reaching 1,094.15 billion FCFA. The initial Finance Act for 2023 had set oil revenues at 1,564 billion FCFA, but these were adjusted downwards by 8% in the November budget collective, a reduction of over 125 billion FCFA, due to an expected drop in the value of oil cargoes.

For gas, the government forecasts marketable production at 1.827,860 billion standard cubic meters. According to the Finance Act, consumption by the Congo (CEC) and Djéno (CED) power plants, and exports of liquefied natural gas (LNG), are projected at 929.1 million, 65.7 million and 836.06 million standard cubic meters respectively. Production sharing rates (state share) are set at 6.2% with CEC, 100% with CED, and 10% for LNG, the latter being entirely destined for export.