Market Trends of Republic of Congo Oil and Gas Industry
This section covers the major market trends shaping the Republic Of Congo Oil & Gas Market according to our research experts:
Upstream 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.
Understand The Key Trends Shaping This Market
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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.
