Congo prepares to assume rotating OPEC presidency
Congo will take over the rotating presidency of the Organization of Petroleum Exporting Countries (OPEC) in 2022, succeeding its Angolan neighbors. The secretary general of the oil cartel Mohammed Barkindo was this week in the central African country where he met the country’s leaders.
“I would like to reassure investors that we in OPEC will continue to work for the leadership of African countries in this organization,” Barkindo said at a press conference.
With 2.9 billion barrels of oil reserves and 10,000 billion cubic feet of natural gas, the Congo is the engine of development across the entire energy value chain. The Congolese state oil company SNPC underlined the role that natural gas will play in poverty reduction and positioning the country as a regional energy hub.
In recent years, the country has experienced a decline in oil revenues due, among other things, to production cuts imposed by OPEC, fearing that producers Total and Eni would cheat the country.
To broaden its tax base, the government canceled tax and customs exemptions granted to oil companies for more than 30 years, a move hailed by activists.
Congo is the third largest oil producer in sub-Saharan Africa after Nigeria and Angola, with an estimated production of 336,000 barrels of crude oil per day.