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Congo to ramp up oil output with $300M Afreximbank loan

Congo to ramp up oil output with $300M Afreximbank loan

  • Congo is working to increase its crude oil and gas production ahead of OPEC negotiations in November.
  • Afreximbank is offering $300 million loan to Trident OGX Congo to increase crude oil production by 30%.
  • Congo-Brazzaville’s production is expected to rise to 400,000 barrels per day by next year.

Congo is rolling out a plan to increase crude oil and gas production ahead of vital negotiations over OPEC production baselines in November. In the latest move, the African Export-Import Bank (Afreximbank) has entered into an agreement to provide a $300 million loan to Trident OGX Congo aimed at increasing the country’s crude oil production by 30 per cent. 

The $300 million loan will enhance Congo’s crude oil output significantly within a year, and double gas production in two to three years, effectively stepping up the country’s 2024 output quota. 

Congo-Brazzaville’s production is currently just below 300,000 barrels of oil equivalent per

The post Congo to ramp up oil output with $300M Afreximbank loan appeared first on The Exchange.

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