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Democratic Republic of Congo (DRC) Minister of Hydrocarbons Makes Strong Reason for Democratic Republic of Congo Energy Investment at African Energy Week 2022

HE Didier Budimbu Ntubuanga, Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), will attend and participate in Africa’s leading investment platform for the oil and gas sector, African Energy Week (AEW) (www.AECWeek.com), running from 18 – 21 October 2022, in Cape Town.

Following his successful participation in 2021, Minister of Foreign Affairs Ntubuanga is focusing on increasing foreign investment and initiating development across the DRC energy sector.

With hydrocarbons being a highly profitable industry for the DRC to drive economic growth, Minister of Foreign Affairs Ntubuanga has prioritized exploration and production, as well as infrastructure development, to accelerate sectoral growth. Policy and market reforms, coupled with the country’s sizable reserves, have resulted in significant progress in exploration, with companies such as TotalEnergies and DRC energy company SONAHYDROC launching exploration campaigns in the east of the country. However, despite more than 180 million barrels of proven oil reserves – the second largest in central and southern Africa after Angola – and an estimated five billion barrels of reserves, most of the country’s resources remain unexploited, opening up significant opportunities for regional and international stakeholders alike.

In addition, with the DRC exporting almost all of its oil due to a lack of refineries, the government is committed to increasing intermediate and downstream investments to increase production capacity and reduce imports. Currently, only one company produces oil in the DRC – the Anglo-French company Perenco – about 23,000 barrels of oil equivalent per day in 2020. In addition, the government spent about $194 million on refined petroleum products in 2020, emphasizing investment opportunities in the entire energy infrastructure space. Therefore, at AEW 2022, Minister of Foreign Affairs Ntubuanga focuses on addressing these areas, providing a strong rationale for investment and infrastructure development in the DRC.

Meanwhile, in the gas sector, DRC’s estimated reserves of methane and natural gas of 30 billion cubic meters provide an opportunity for the government to diversify its energy mix to promote industrialization while increasing electrification across the country. According to the International Trade Organization, the DRC’s electricity access rate currently stands at 19%, emphasizing both domestic needs and opportunities for investors. Moreover, with the lack of adequate and reliable energy crippling various segments of the economy such as health, mining, manufacturing and education, the hydrocarbon sector provides a great opportunity for DRC to diversify its power generation for economic growth. If fully developed, the oil and gas sector can provide the DRC with substantial revenues that the government can use to finance development in other sectors while increasing GDP growth.

“Trends within the DRC hydrocarbon sector are all pointing towards a massive expansion of the industry. What the DRC needs is more investment, more exploration activities, and more commitment to help develop infrastructure. Existing resources and increased exploration and development will lead to increased oil and gas production as well as monetization and exploitation that will enable the country to address local and regional energy woes. The African Energy Chamber (AEC) is proud to once again host ministers as we take energy development cooperation among regional leaders and energy stakeholders to the next level,” said NJ Ayuk, Executive Chair of the AEC.

In addition to prioritizing attracting international investors and companies to boost the DRC’s oil and gas sector, Minister Ntubuanga has also placed regional cooperation on his agenda. After partnering with regional countries including Equatorial Guinea to help drive investment and development in high-potential markets, Minister for Foreign Affairs Ntubuanga will be looking to build another partnership during AEW 2022, as the minister looks to expand the entire energy landscape of central and southern Africa.

Under the theme, Exploring and Investing in Africa’s Energy Future while Promoting a Supportive Environment, AEW 2022 provides HE Minister Ntubuanga with the best platform to engage with investors, financial institutions and private sector executives, driving growth in the country’s emerging energy sector. At AEW 2022, HE Minister Ntubuanga will participate in panel discussions, high-level meetings and investor and ministerial forums to discuss investment opportunities in the DRC oil and gas market as well as negotiate and sign agreements on exploration, production and infrastructure development.

Distributed by APO Group on behalf of African Energy Week (AEW).

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About AEW 2022:
AEW 2022 is AEC’s annual conference, exhibition and networking event. AEW 2022 brings together African energy stakeholders with international investors and partners to drive industrial growth and development and promote Africa as an energy investment destination. Key organizations such as the Organization of African Petroleum Producers, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.

This Press Release has been issued by APO. Content is not monitored by the Business Africa editorial team and is not content that has been vetted or validated by our editorial team, evidence readers or fact checkers. The publisher is fully responsible for the contents of this announcement.

Democratic Republic of Congo (DRC) Minister of Hydrocarbons Makes Strong Reason for Democratic Republic of Congo Energy Investment at African Energy Week 2022

Source link Democratic Republic of Congo (DRC) Minister of Hydrocarbons Makes Strong Reason for Democratic Republic of Congo Energy Investment at African Energy Week 2022

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