Congo: Govt makes 300,000 oil bpd projections for 2018
Congo will produce around 300,000 barrels of oil per day in 2018, more than its current 250,000 bpd, according to projections published by the Ministry of Hydrocarbons in Brazzaville on Thursday.
The ministry justified these projections in oil production by the French company Total on Wednesday announcement about the output from the Moho Nord offshore oilfield, some 75 km off Pointe-Noire.
The project, in which Total holds a 53.5 percent stake, Chevron Overseas Limited (31.5 percent) and the National Oil Company of Congo (SNPC) (15 percent) was started by Total E&P in 2008.
Moho Nord, the largest oil project ever in the Republic of Congo, has a production capacity of 100,000 barrels per day.
According to the ministry, output from this oilfield augurs well for Congo’s prospects given that the sector is a mainstay for the economy.