JOHANNESBURG,
South Africa, August 17, 2020/ -- Surrounded by major African oil &
gas
producers Republic of Congo and Angola, the Democratic Republic of
Congo (DRC) has so far remained relatively absent of Africa’s league of
hydrocarbons producers. In 2019, only French independent Perenco
produced from the DRC, at an average rate of 25,000 boepd from 11
onshore fields.
In this context, the administration of President
Félix Antoine Tshisekedi has made energy security and investment its top
priority, seeking to get massive hydropower projects off the ground but
also to diversify the country’s energy basket and create jobs in the
process.
In yet another decision supporting the development of
the DRC’s hydrocarbons industry, President Félix Antoine Tshisekedi
requested its Minister of Hydrocarbons, Hydraulic Resources and Power
and its Minister of Finance to fast-track legal processes and permits
pertaining to the valorization of the natural gas produced onshore by
Perenco. The decision was taken at the latest Council of Ministers last
week in Kinshasa.
The move is expected to result in the
monetization of natural gas through power generation, especially to
address the DRC’s energy deficit and provide stable supply of power to
its booming mining industry.
“We are extremely optimistic about
the future of oil & gas in the DRC given current political support
for the industry. While market-driven policies are needed to ensure
investments in gas monetization, an enabling environment is key to
unleashing the massive potential of the DRC and the energy industry is
open to supporting the DRC,” stated NJ Ayuk, Executive Chairman at the
African Energy Chamber.
“The DRC also offers 100GW of hydropower
potential, and its upcoming hydroelectric stations are expected to
require billions of dollars. It is a chance for investor and local
players to participate and support the ambitious growth plans of
President Felix Tshisekedi fighting energy poverty and boosting energy
for industrial development that will create jobs and transform the
economy with a post covid-19 recovery strategy,” concluded Ayuk.
The
African Energy Chamber is encouraged by the governments decision as we
believe locally available natural gas offers the perfect opportunity to
build power capacity in the short-term and ensure a stable and cheaper
power to DRC’s industries and mining companies.
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