French oil major TotalEnergies has announced a $500 million investment to enhance exploration and production activities at the Moho Nord offshore field in the Republic of Congo.
CEO Patrick Pouyanné made the commitment earlier this week during a meeting with Congolese President Denis Sassou Nguesso in Oyo, where they discussed the company’s current operations and future investment plans.
TotalEnergies aims to increase Moho Nord’s output by 40,000 barrels per day (bpd), further solidifying its position as a leading player in the Congolese oil industry.
The Moho Nord field, which began production in March 2017, is located in deep offshore waters and currently produces around 140,000 bpd—accounting for approximately half of Congo’s total oil output.
While slightly below the $600 million investment announced last year, the new funding will support the drilling of additional wells and the maintenance of existing infrastructure, helping to sustain and expand production levels.
In April 2024, TotalEnergies increased its operational stake in Moho Nord to 63.5% by acquiring an additional 10% interest from Trident Energy.
Trident Energy now holds 21.5%, while Congo’s state-owned oil company, Société Nationale des Pétroles du Congo (SNPC), retains a 15% share.
The Moho Nord project spans 320 square kilometers and covers four reservoirs at water depths ranging from 750 to 1,200 meters.
This latest investment is part of TotalEnergies’ broader strategy to strengthen its footprint in Africa’s energy sector while supporting the Republic of Congo’s economic growth through job creation and increased oil production.
Moho Nord remains one of Africa’s top four oil-producing projects, and the renewed investment marks a significant boost for Congo’s offshore oil ambitions.
The Republic of Congo has been actively engaging with international oil companies (IOCs) and independent operators to achieve its goal of raising oil production to 500,000 bpd by 2027.
In parallel, Congo is ramping up natural gas exports, aiming to ship up to 4.5 billion cubic meters (bcm) of liquefied natural gas (LNG) this year as part of the second phase of the Congo LNG project, led by Italy’s Eni.
Launched in 2023, Congo LNG is the country’s first natural gas export initiative and is expected to produce 3 million tons of LNG annually.
