French oil giant TotalEnergies has committed $600 million to bolster its operations in the Republic of Congo, continuing to bypass investment in Nigeria.
This decision, announced by TotalEnergies’ CEO Patrick Pouyanne during a visit to Kenya, follows the company’s earlier choice to allocate $6 billion to Angola instead of Nigeria, citing policy inconsistencies and other challenges in the West African country.
The $600 million investment will be directed towards exploration and production activities in Congo’s deep offshore Moho Nord field, which contributes roughly 140,000 barrels per day (bpd), accounting for about half of the nation’s oil production.
“This significant investment underscores TotalEnergies’ commitment to developing and monetizing Congolese hydrocarbons, which will unlock a wave of economic opportunities for the broader region,” the company stated.
TotalEnergies has deployed two drilling rigs to the Moho Nord permit, with CEO Pouyanne expressing optimism about potential discoveries by the end of the year.
“This investment by TotalEnergies signals the company’s long-term presence in the Republic of Congo. Congo’s oil and gas sector can play a pivotal role in reducing energy poverty and driving industrialization in Africa, and partnerships with companies like TotalEnergies will be key to achieving these goals,” the statement added.
In addition to TotalEnergies’ investment, the Republic of Congo has recently formed a strategic partnership with Algeria in the hydrocarbons and energy sectors.
A memorandum of understanding was signed on May 21 between Algeria’s Minister of Energy and Mines, Mohamed Arkab, and the Republic of Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua.
This agreement aims to develop a new roadmap for bilateral relations, enabling Algeria’s state-owned Sonatrach and Congo’s SNPC to exchange expertise in downstream oil activities.
Both nations have also expressed support for the establishment of an African Energy Bank, aimed at concentrating investment in oil and gas projects across the continent.
