French oil major, TotalEnergies, has announced a substantial investment of $500 million to enhance exploration and production activities in the Republic of Congo’s offshore Moho Nord field.
The CEO Patrick Pouyanné made the commitment earlier this week during a visit to the Congolese President Denis Sassou Nguesso in Oyo to discuss the company’s investment plans and ongoing activities.
TotalEnergies aims to increase the field’s output by 40,000 barrels per day (bpd) and reinforce its status as the key player in the nation’s oil industry.
The Moho Nord field, which came on stream in March 2017, is situated in deep offshore waters. It currently contributes approximately 140,000 bpd, accounting for about half of Congo’s total oil production.
The planned investment, though less than the $600 million initially announced by the firm last year, will finance the drilling of new wells and the maintenance of existing infrastructure, ensuring sustained and increased production levels.
In April 2024, TotalEnergies expanded its operational stake in the Moho Nord project to 63.5% by acquiring an additional 10% interest from Trident Energy.
The remaining shares are held by Trident Energy (21.5%) and the Republic of Congo’s national oil company, Société Nationale des Pétroles du Congo (SNPC), which retains a 15% stake.
The Moho Nord field encompasses four reservoirs over an area of 320 square kilometers, with water depths ranging from 750 to 1,200 meters.
This investment is part of TotalEnergies’ broader strategy to reinforce its presence in Africa’s energy sector and support the Republic of Congo’s economic development through increased oil production and associated job creation.
TotalEnergies’ commitment to the Moho Nord project shows the company’s confidence in the potential of Congo’s oil reserves and its dedication to fostering long-term partnerships within the region.
According to reports, the project is among the four largest oil producers in Africa and this announcement represents a major boost for its offshore oil production.
Congo has been engaging with these IOCs and other independents operating offshore to make do its target of increasing oil output to 500,000 bpd by 2027.
The country is also ramping up to export as much as 4.5 billion cubic metres (bcm) of LNG this year as the second phase of the promising Congo LNG project—spearheaded by Italy’s Eni—kicks off.
Launched in 2023, Congo LNG is expected to produce a total of 3 million tons of LNG annually. It is the first project to export natural gas from the country.
