The Republic of the Congo and Chinese oil and gas company Wing Wah have signed a $23 billion hydrocarbon agreement for the integrated development of the Banga Kayo, Holmoni, and Cayo blocks. This deal aims to increase the nation’s oil production, targeting an output increase to 200,000 B/D by 2030.
The agreement was signed by Bruno Jean-Richard Itoua, Congo’s minister of hydrocarbons; Jean-Jacques Bouya, Congo’s minister of state; and Xiao Lianping, president general of Wing Wah.
Congo is looking for the agreement to help it ramp up cumulative production across the three permits to more than 1.3 billion bbl by 2050. The deal is a central pillar in the country’s broader economic and financial strategy, committing over $23 billion in investment and promising substantial revenue.
The project also includes an integrated gas monetization component, with multiphase expansion of liquefied natural gas, liquefied petroleum gas, butane, and propane production capacity intended to satisfy both domestic demand and exports. The integrated nature of the development includes scalable gas treatment infrastructure, on-site power generation, and water-management systems.
Local employment currently involves 3,000–3,300 Congolese workers, and benefits such as excess power and treated water is provided to nearby communities.
Wing Wah established a presence in Congo through its development of the Banga Kayo field. This onshore permit currently consists of between 237 and 250 drilled wells and produces approximately 45,000 B/D, approaching its expected peak output of 50,000–80,000 B/D.
The Republic of Congo took a significant step toward maximizing its hydrocarbon resources with the signing of an amended production sharing contract (PSC) with Wing Wah for the Banga Kayo block last year. The move marked the beginning of development at the block.
“The Republic of the Congo is aggressively developing its oil and gas resources, led by its Ministry of Hydrocarbons,” said says NJ Ayuk, executive chairman for the African Energy Chamber. “The country’s rapid approach to resource development serves as a model for other African nations rich in natural resources. With ambitious plans to increase production capacity, Congo is set to unlock new opportunities for sustainable economic growth through strategic oil and gas investments.”