Could you give us an overview of Olea’s activities in Congo, particularly in the oil sector?

Olea Congo is part of the Olea Group, which operates in 26 African countries. We specialize in representing major international brokers, providing insurance solutions for the energy sector and ensuring compliance with local regulations.

Most energy insurance policies for Congolese operators are placed in London and Dubai, including through Lloyd’s markets, as local insurers lack the financial capacity to cover multi-billion-dollar risks. For example, Moho Nord represents a $10 billion investment, which requires significant reinsurance. Our role is to make sure these policies comply with the Conférence Interafricaine des Marchés d'Assurances (CIMA) regulations, ensuring that some capital remains within the regional market while enabling global risk-sharing.

Where are these reinsurers based and how does the process work?

Most reinsurers are in London and the Middle East, where interest in African energy risks is growing, while European markets remain cautious. Major operators like TotalEnergies, Eni and Perenco structure their own programs, which we legalize locally. Reinsurance costs can add 30-40% to premiums, leading some operators to settle fees locally while paying premiums directly abroad.

In the event of a claim, how quickly can operators be reimbursed?

Energy package insurance, which is mandatory for oil producers, covers platforms, wells, drilling costs and third-party liability, including pollution.

A small claim can be settled within weeks, but major incidents, such as environmental damage, may take months or even years. Large claims involve multiple reinsurers, each taking a percentage of the risk. The leading reinsurer sets the terms, and we coordinate with auditors and accountants to process the claim efficiently.

Have European banks’ reluctance to finance oil projects affected the insurance sector?

Middle Eastern markets are stepping in, bringing strong capital reserves and a willingness to cover oil risks. While oil accidents are rare, they can be extremely costly. A reinsurer taking 10% of a $100 million risk will receive 10% of the premium but must also pay 10% of the claim if an incident occurs. We only work with A-rated reinsurers to guarantee payouts.

How does Congo’s insurance market compare to other African countries?

The Congolese hydrocarbon market is mature. Many fields here date back to the 1970s, and some platforms are still operational. TotalEnergies, Perenco, and Eni have maintained their infrastructure well.

Angola is on a different scale, producing over 2 million barrels per day, while Congo averages 350,000-400,000 barrels per day (bpd). In Angola, a single platform can produce 250,000 bpd, making their operations much larger. But many subcontractors who started in Congo are now expanding into Angola, Mozambique and Ivory Coast, following major operators.

How do infrastructure projects differ from oil and gas in terms of insurance?

Oil and mining investments are 10 times larger than most other sectors. While infrastructure projects—like dams or renewable energy installations—require substantial coverage, they don’t involve the same daily financial risks as oil production. A single offshore platform can generate millions of dollars per day, meaning any downtime has immediate financial consequences. Health, safety and environment protocols in oil are much stricter.