The African Export-Import Bank (Afreximbank) and Trident OGX Congo have solidified a partnership with a whopping US $300M agreement, aimed at ramping up crude oil production from the Mengo-Kundji-Bindi II (MKB II) oil fields in the Republic of the Congo.
Strategically located between Pointe Noire port city, Mayombe mountains foothills, and adjacent to Angola’s Cabinda province, the MKB II oil fields are anticipated to experience a 30% surge in output.
This initiative forms part of a broader seven-year developmental plan for the MKB II permit zone.
Notably, Trident OGX Congo operates as a direct subsidiary of Singapore’s Trident OGX International, while the Republic of the Congo’s national oil enterprise, Société Nationale des Pétroles du Congo, along with Orion Group, hold shared interests in these oil reserves.
Afreximbank’s frontman, Benedict Oramah, posits that this collaborative venture will infuse a staggering US $1.5bn into Congo’s oil and gas sector, potentially spurring vast revenue streams, job creation, and socio-economic infrastructural enhancements.
Emphasizing the bank’s commitment to environmental prudence, Oramah confirmed that operations within the MKB II oil fields will strictly adhere to top-tier environmental standards, specifically underscoring the employment of hydraulic fracturing techniques. The financial deal not only promises to stimulate Congo’s GDP but also heralds a multitude of business prospects.