HE Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo, will participate in the main investment platform in Africa, African Energy Week (AEW), which will take place from October 18 to 21, 2022 in Cape Town under the theme “Exploring and investing in Africa’s energy future while fostering an enabling environment.” As Minister and current President of the Organization of the Petroleum Exporting Countries (OPEC), HE Itoua will discuss the organization’s efforts to bring stability to the market, while promoting Congolese oil and gas, African investments and a collaborative approach for a fair energy transition.
Since taking office as Minister of Hydrocarbons in 2015, HE Itoua has helped the country establish an attractive capital regime that has boosted the oil and gas market through increased participation by international companies such as Eni, TotalEnergies, Kosmos Energy and Perenco. In the oil sector, the establishment of favorable policies such as the Hydrocarbons Code, introduced in 2016, has played a key role in reviving oil production in the Republic of Congo. As a result, the Congo, with its 2.9 billion barrels of proven crude oil reserves, has become one of the main oil producers in Africa and the third in sub-Saharan Africa after Nigeria and Angola, with a capacity production of 336,000 barrels per year. day (b/d) in 2019 due to increased production from projects such as the N’Kossa Marine fields, TotalEnergies’ Moho Bilondo Phase 1 and Chevron’s Lianzi project. Under HE Itoua, Congo joined OPEC, a consortium of major hydrocarbon producers, in 2018, boosting crude oil exports to 240,000 bpd in 2020, with the minister named president of the OPEC in 2022.
Meanwhile, increased exploration activity in the country’s gas sector has pushed Congo’s proven gas reserves from 90 billion cubic meters in 2019 to around 284 billion cubic feet in 2020. The launch of the Gas Master Plan (GMP) at AEW 2021 further strengthened the country. position to exploit its gas reserves to meet internal energy needs, as well as to maximize the monetization of hydrocarbons. As gas demand is expected to increase, the Ministry of Hydrocarbons plans to increase its domestic production by awarding exploration licenses for five blocks in the Congo’s interior basin as part of the Congo Basin licensing round in 2022. Furthermore, the MSG paved the way for enhanced dialogue. . and industry gas-related collaborations. Recently, the liquefied natural gas (LNG) company New Fortress Energy (NFE) signed an agreement with the major global company Eni for the deployment of NFE’s Fast LNG liquefaction technology in the marine assets in Congo. Lasting 20 years, the agreement will see NFE deploy its technology to produce up to 1.4 million metric tonnes per year of LNG. With first production scheduled for the second quarter of 2023, the agreement marks an important step towards further monetization of gas in Congo.
“With Congo’s energy mix consisting of 59% natural gas, 28% oil and a significant share of hydropower and other renewables, the country offers an important case study of how African countries can harness their natural resources. hydrocarbons and combine them with renewable energies to fight against fuel poverty. while ensuring economic growth,” says Tomás C. Gerbasio, Director of Business Development and Strategy at AEW 2022, adding that “representing both the Minister of Energy and the President of OPEC for 2022 , HE Itoua is well placed to lead the dialogue, drive the debate and advocate for African oil and gas investments in 2022 and beyond. We once again welcome HE Itoua’s participation in this year’s edition of AEW after a successful 2021 summit where the ministry launched its gas master plan and look forward to further deals to be announced. by the minister.
Meanwhile, the deployment of renewable energy is also a key objective for HE Itoua and his ministry as the country seeks investments to increase wind, solar and hydropower capacity to ensure energy security and decarbonization. Recognizing the role that renewable energy and natural gas will play in the transition to a clean energy future, HE Itoua, in collaboration with ACS, the Ministry of Mines and Hydrocarbons of Equatorial Guinea, the Ministry of Petroleum and Energy of Senegal and the Office of German Chancellor Merkel’s Special Representative in Africa, launched the Green Energy Dialogue Initiative at AEW 2021 with a focus on creating new dialogue opportunities related to green energy, led by African stakeholders.
At AEW 2022, HE Itoua will participate in panel discussions where he will discuss the role of hydrocarbons in helping Africa fight energy poverty and achieve energy transition goals. In addition, she will participate in ministerial forums and high-level meetings where she will discuss opportunities in the Republic of Congo’s oil, gas and renewable energy markets.