The Republic of the Congo has signed a $23 billion hydrocarbon deal with Chinese oil and gas company Wing Wah for the integrated development of the Banga Kayo, Holmoni and Cayo permits, aiming to raise national oil output to 200,000 bpd by 2030.
The agreement was officially signed by Bruno Jean-Richard Itoua, Minister of Hydrocarbons of Congo, Jean-Jacques Bouya, Minister of State of Congo and Xiao Lianping, President General, Wing Wah in August.
Through the pact, Congo is looking to ramp up cumulative production across the three permits to more than 1.3 billion barrels 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 fiscal and para-fiscal revenues.
The project also includes an integrated gas monetization component, with multi-phase expansion of LNG, LPG, 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–all designed for efficiency and community benefit.
Wing Wah has already established a significant presence in Congo via its development of the Banga Kayo field. This onshore permit currently comprises around 237–250 drilled wells and produces approximately 45,000 bpd, approaching a peak output of 50,000–80,000 bpd.
The Republic of Congo took a significant step towards maximizing its hydrocarbon resources with the signing of an amended Production Sharing Contract (PSC) between Minister of Hydrocarbons Bruno Jean-Richard Itoua and China’s Wing Wah Oil Company for the Banga Kayo block last year. This move marked the beginning of development at the block and underscored the country’s commitment to tapping into its untapped resources.
The amended PSC outlined a three-phase development plan, demonstrating the importance of public-private partnerships in developing oil and gas projects in Africa, providing a clear path to resource monetization.
“The Republic of the Congo is aggressively developing its oil and gas resources, led by its Ministry of Hydrocarbons,” said NJ Ayuk, Executive Chairman, 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.”
