China’s Cogo to Invest $150M in Oil Drilling Activities in Congo
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The Congolese subsidiary of China Oil Natural Gas Overseas Holding Ltd (Cogo) plans to invest $150 million to boost oil production over the next three years in the Conkouati-Koui and Nanga III fields in the Republic of Congo (RoC).
The company will drill four wells – two in each field – with drilling set to start immediately, as preliminary studies have already been completed. Based on the results, the project may expand to include 3D seismic surveys and further data analysis.
On October 3 in Brazzaville, Fulbert Dzimbe, the new director general of Cogo's Congolese subsidiary, presented the company’s activity roadmap to the Minister of Hydrocarbons, Bruno Jean Richard Itoua. Cogo holds an 85% stake in both permits, with the remaining 15% held by the National Petroleum Company of Congo – Société Nationale des Pétroles du Congo – which will partner in the operations.
Dzimbe emphasized the company’s commitment to boosting national production, stating, "To increase national output, we need to expand proven reserves. Our goal is to develop untapped fields, increasing production and giving the government more flexibility to meet the needs of the Congolese people."