French oil and gas company TotalEnergies is set to invest $600m (around CFA Fr1.69trn) to bolster exploration and production activities in the Republic of Congo's offshore Moho Nord field in 2024.
This investment aims to finance exploration and sustain production levels in the field, a significant contributor to the country's oil output.
According to the African Energy Chamber, the Moho Nord field, operated by TotalEnergies, accounts for around half of Congolese oil production, roughly 140,000bpd.
Spanning more than 320km² and located at water depths between 750m and 1,200m, the field's development is crucial for maintaining the country's production rates.
With this investment, TotalEnergies is expected to bolster the Republic of Congo's oil production by an additional 40,000bpd, adding to the nation's current production of 267,000bpd.
The company also manages the Marine XX permit in deep offshore waters, covering 3,285.8km², with depths reaching up to 2,000m.
Two drilling rigs have recently been deployed at the Marine XX permit area, which is expected to yield a discovery by the end of 2024.
African Energy Chamber executive chairman NJ Ayuk said: “The $600m investment by TotalEnergies shows that the IOC [international oil company] is in the Republic of Congo to stay. Congo’s oil and gas can play a much greater role in alleviating energy poverty and driving industrialisation in Africa, and partnerships with companies to the likes of TotalEnergies will be instrumental in achieving these objectives. We look forward to witnessing new discoveries being made in the coming months.”
The news follows TotalEnergies’ agreement to acquire a 10% stake in the Moho field from Trident Energy.
Upon completion of this deal, TotalEnergies will hold a 63.5% operational stake in the Moho permit, with Trident Energy retaining a 21.5% share and the Republic of Congo's national oil company, Société Nationale des Pétroles du Congo, holding a 15% share.
Earlier this week, Perenco announced an offshore oil discovery in the Congo at the Moke-East well between the Lukami and Motoba fields.
