The Republic of Congo’s Oil Minister, Jean-Marc Thystere-Tchicaya, has announced that the country anticipates oil production to increase from the current 250,000 bpd to about 300,000 barrels per day in 2018.

According to the oil minister, the increase will be partly as a result of a new deep offshore field expected to come on stream in 2017.

The Moho Nord offshore field, the second project issued on the Moho Bilondo offshore licence, is expected to commence production of crude oil either in March or April 2017, the minister said.

“From mid-2017 we can already count on an increase in production and then reach a peak in 2018 with 300,000 barrels per day. We hope that the cost of a barrel of crude will stabilize on the market and allow us a good budget,” he said.

Crude oil accounts for about 65% of the country’s GDP and according to Total, the field will have a production capacity 140,000 bpd, Reuters reports.

Total operates Moho Nord with a 53.5% stake alongside Chevron with 31.5% and the remaining 15% is held by Congo's state oil company, SNPC.

Anita Fatunji