Congo Extends M’Boundi Oil Field License, Securing Key Source of National Revenue

The Congolese government has approved the extension of the exploitation license for the M’Boundi oil and gas field, one of the country’s key onshore production sites. The decision, taken during the Council of Ministers, ensures the continuity of operations and protects investments in this strategic asset.

Located about 50 kilometres from Pointe-Noire, the M’Boundi field originated from the former Kouilou exploration permit. It was first awarded in July 2002 to Zetah Maurel & Prom and has since undergone several ownership and legal changes, including transfer to Zetah Kouilou Limited in 2003 and a 20-year validity extension in 2005.

The permit expired on 14 July 2022. Anticipating this, the operator Eni Congo submitted a renewal request on 16 October 2021. The government’s approval now secures the field’s continued contribution to Congo’s hydrocarbon revenues.

The M’Boundi field has seen significant restructuring among partners, including the increased stake of the National Petroleum Company of Congo (SNPC), Eni Congo’s acquisition of Maurel & Prom assets in 2007, and Tullow Congo Limited’s withdrawal in 2017. By extending the license, the government aims to maintain production levels and economic benefits.

Article source: journaldebrazza.com | Image credit: AP News