The country’s first refinery, the Congolaise de raffinage (Coraf), has been in operation since 1982. The refinery has the capacity to process 1 million tons of oil per year, but officially only processes 600,000 tons annually. The country’s needs are estimated at 1.2 million tons.
How much oil does the Congo have?
As of 2021, the Congo has 1,811 million barrels of proven crude oil reserves. Their crude oil production is measured at 267 thousand barrels per day. The accompanying downstream oil industry is an important element in the country’s economy.
Which oil companies operate in Congo?
Chevron is the only U.S. operator in Congo, and Baker Hughes, Frank’s International, Halliburton, and Weatherford are active in the oil services sector. Total market size = (total local production + imports) – exports Oil services remain important in both the development of new fields and the maintenance and support of older fields.
What happened to oil production in Congo?
By the turn of the century, production began to decline as existing oil fields reached maturity. As of 2008, oil production has increased every year as a result of several new projects, mainly Congo’s first deep-water field Moho-Bilondo. The Congo is the sixth largest oil producer in sub-Saharan Africa.