The memorandum of understanding for the completion of work on several oil blocks in Congo was signed on September 27 in Moscow, Russia, between the Minister of Hydrocarbons, Bruno Jean Richard Itoua, and the Vice President of Lukoil, Ivan Romanovsky.
The oil agreement provides for a strengthening of cooperation between the National Oil Company of Congo (SNPC) and the Russian private company Lukoil, with the aim of optimizing ongoing projects and promoting the “joint” development of resources. While in Moscow to take part in the Russian Energy Week REW2024 , Minister Bruno Jean Richard Itoua invited Russian companies to increase their investments in the Republic of Congo.
The head of the Congolese delegation to the Russian Energy Week REW2024 expressed the wish to expand economic cooperation with the Russian side, particularly in the oil, gas, electricity and mineral sectors. To date, two Russian companies, Lukoil and Rosatom, operate on projects in Congo. Lukoil operates in Congo as part of a partnership with the Italian company Eni (65% of the shares). In 2019, it bought 25% of the shares in the Marine VII project for the sum of 800 million dollars. Ivan Romanovski had then assured to work for the definition of this Eni-Lukoil partnership.
The Marine XII project, covering an area of 571 square kilometers with five fields, is considered by the authorities as one of the largest oil and gas fields discovered in the country. Within the framework of this field, Eni and Lukoil plan to supply three million tons of liquefied natural gas (LNG) per year. The companies will also develop an agricultural supply chain to produce raw materials for biorefining and promote sustainable forest management…
The Congolese State, through the Ministry of Hydrocarbons, is committed to supporting Lukoil’s participation in the Marine VII project. It should be noted that the country has significant proven reserves of natural gas, approximately 100 billion m3, which places it 5th in gas reserves in sub-Saharan Africa. The Congolese authorities thus hope to diversify their partnership in order to boost the national energy sector, mainly LNG production.
A brief reminder of the highlights of the Russian Energy Week REW2024 , Minister Bruno Jean Richard Itoua participated in a panel entitled “Energy Development: An Africa-Russia Perspective”. During the discussions, the speaker stressed the importance of consolidating the diversity of strategic partnerships and strengthening cooperation between African countries and Russia. He also stressed the need for a multilateral approach to address the various energy challenges facing the African continent.
The opening ceremony of the event took place in the presence of the Russian head of state, Vladimir Putin, as well as his counterpart from Equatorial Guinea, Teodoro Obiang Nguema.
