…New oil find could quadruple existing national output
The government of the Republic of Congo has reached the 1 million barrels of crude per day target following a new oilfield discovery in the country, the company involved in the exploration said on Monday that the new oil find could bring in $10.5 billion a year into Congo, doubling the country’s GDP.
According to Reuters, oil discovery could possibly quadruple Congo’s output and propel it into the same league as the Organisation of Petroleum Exporting Countries (OPEC) members in Africa.
There are plans to conduct production in phases, while the commencement proper will be in six months time. If it reaches expected levels, Congo’s production would be close to Nigeria, which produces about 1.8 million barrels a day, and Angola, at around 1.4 million.
The economy of the Central African country is looking up as the energy industry is being boosted by major recent finds from Italy’s ENI and France’s Total, lifting an economy hobbled by debt, civil unrest and corruption, and raising output to about 350,000 barrels per day.
Production from the new field, developed by SARPD-OIL in la Cuvette region, could dwarf that, said the company’s marketing director Mohamed Rahmani. Government officials did not immediately comment on the discovery, Reuters reported.
SARPD estimates the field holds 1 billion cubic metres of hydrocarbons, including 359 million barrels of oil, with a potential for daily output of 983,000 barrels, Rahmani said.
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