French oil and gas company TotalEnergies is set to invest $600m (around CFA Fr1.69trn) to bolster exploration and production activities in the Republic of Congo’s offshore Moho Nord field in 2024.  

This investment aims to finance exploration and sustain production levels in the field, a significant contributor to the country’s oil output. 

According to the African Energy Chamber, the Moho Nord field, operated by TotalEnergies, accounts for around half of Congolese oil production, roughly 140,000bpd.  

Spanning more than 320km² and located at water depths between 750m and 1,200m, the field’s development is crucial for maintaining the country’s production rates. 

With this investment, TotalEnergies is expected to bolster the Republic of Congo’s oil production by an additional 40,000bpd, adding to the nation’s current production of 267,000bpd. 

The company also manages the Marine XX permit in deep offshore waters, covering 3,285.8km², with depths reaching up to 2,000m. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Two drilling rigs have recently been deployed at the Marine XX permit area, which is expected to yield a discovery by the end of 2024. 

African Energy Chamber executive chairman NJ Ayuk said: “The $600m investment by TotalEnergies shows that the IOC [international oil company] is in the Republic of Congo to stay. Congo’s oil and gas can play a much greater role in alleviating energy poverty and driving industrialisation in Africa, and partnerships with companies to the likes of TotalEnergies will be instrumental in achieving these objectives. We look forward to witnessing new discoveries being made in the coming months.” 

The news follows TotalEnergies’ agreement to acquire a 10% stake in the Moho field from Trident Energy. 

Upon completion of this deal, TotalEnergies will hold a 63.5% operational stake in the Moho permit, with Trident Energy retaining a 21.5% share and the Republic of Congo’s national oil company, Société Nationale des Pétroles du Congo, holding a 15% share. 

Earlier this week, Perenco announced an offshore oil discovery in the Congo at the Moke-East well between the Lukami and Motoba fields.