Congo Secures Massive $23 Billion Oil Development Deal with Chinese Company Wing Wah
The Republic of Congo has closed a transformational $23 billion agreement with Chinese company Wing Wah for the integrated development of three major oil permits: Banga Kayo, Holmoni, and Cayo. The deal was officially signed by Minister of Hydrocarbons Bruno Jean-Richard Itoua and Wing Wah President General Xiao Lianping in August.
The agreement targets cumulative production exceeding 1.3 billion barrels by 2050, significantly advancing Congo’s goal of increasing production by 200,000 barrels per day by 2030. The integrated development includes gas monetization components with multi-phase expansion of LNG, LPG, butane, and propane production capacity for both domestic consumption and export markets.
The project will generate employment for approximately 3,300 Congolese workers and includes scalable gas treatment infrastructure, on-site power generation, and water-management systems designed for efficiency and community benefit.
Source: oilreviewafrica.com
