Republic of Congo Oil and Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Republic of Congo Oil and Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for the Republic of Congo oil and gas downstream is expected to grow at a CAGR of more than 1.47 % during the forecast period of 2020 – 2025. Factors such as increasing investments and increasing production of oil in the country are expected to boost the demand for the Republic of Congo oil and gas downstream market during the forecast period. However, corruption in the government and maturing of oil fields is expected to impede the growth in the forecast period.

Key Highlights

• The upstream sector in the Republic of Congo is expected to witness a significant increase in the forecast period. Offshore oil fields in the exclusive economic zone (EEZ) of the Republic of Congo are expected to witness substantial growth.
• Exploration of the Tilapia oil field in Kuilou, in the north of Pointe Noire, has led to a significant discovery that can lead to an increase in prosperity and create an opportunity for the players in the field.
• Increasing oil production is expected to incentivize investors to invest in the Republic of Congo’s oil and gas sector, thereby contributing to the increase of growth of the industry.

Key Market TrendsUpstream Sector to Witness Growth

• The upstream sector is heavily focused on the production of oil, and much of the gas that is produced is used as a tertiary mechanism to increase the production of oil. The gas reserves in the country are expected to be 285 billion cubic meters, in 2018.
• In 2019, there are plans to increase the production by starting production in the Congo peat bogs for oil. However, concerns related to environment and economic viability have impeded the growth of the plan.
• The export of petroleum products from the country is around USD 4,455 million, and the amount of market production of natural gas is approximately 867 million cubic meters, in 2018.
• Hence, the upstream sector is expected to witness growth in the forecast period due to an increase in investment in the sector.

Increasing Oil Production to Drive the Market

• There has been an increase in oil production by 23.9% year-on-year, in 2018. Rising from 13.8 million tons (MT) in 2017 to 17.0 MT in 2018. The growth in output has been very significant due to the increase in enhanced oil recovery practices.
• The refinery capacity in the country is around 21,000 barrels per day. This is due to a single refinery located in Muanda. No new refinery in the country is expected in the forecast period.
• The proven oil reserves in the country are around 2.9 thousand million barrels, and the country exports around 307,100 barrels per day to different countries in the world, in 2018. The oil consumption in the country is approximately 8,500 barrels per day.
• The Republic of Congo oil and gas industry is expected to grow slightly in the forecast period due to an increase in oil production in the region and increasing investment in the oil and gas sector.

Competitive Landscape

The Republic of Congo oil and gas downstream market is moderately consolidated. The major companies include Total S.A., Eni S.P.A., Chevron Corporation, Perenco S.A., and National Petroleum Company of the Congo, SNPC, amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Total S.A.
Eni S.P.A.
Chevron Corporation
Perenco S.A.
National Petroleum Company of the Congo, SNPC.

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