Congo-Brazzaville: Afreximbank to provide $300m for MKB II oilfields development


On September 27th, Afreximbank signed an agreement to provide a $300m facility to Trident OGX Congo for the development of the onshore Mengo-Kundji-Bindi II (MKB II) oil fields in the Republic of Congo.

The reserve-based lending (RBL) facility will support the company’s capex programme to increase the country’s oil production by 30%, according to Afreximbank.

Between 2018 and 2021, state-owned SNPC carried out studies to reassess the potential of its MKB II permit, where it also drilled five appraisal wells and constructed a road and platforms.

“These positive results make it possible to envisage a production of over 40,000 barrels per day (bpd) at the end of the development drilling campaign in 2024,” SNPC Director General Maixent Raoul Ominga said in an interview shared with Hawilti earlier this year.

In December 2021, the MKB II permit was transferred to Trident OGX Congo for 20 years to unlock additional capital and technology for its development.

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ONHYM and IN-VR to host the 3rd Morocco Oil & Gas Summit

Over 350 C-level executives from West African Governments, Oil and Gas companies, investors and top service companies will meet with ONHYM in Marrakech to discuss the Nigeria-Morocco pipeline, E&P opportunities in Morocco, and how to get involved in one of the world’s top future energy hubs. The Energy Circle by IN-VR is pleased to announce the 3rd Morocco Oil & Gas Summit and Exhibition 2023 hosted in Savoy Le Grand Hotel, Marrakech, on the 24th-26th of October, 2023, fully endorsed by ONHYM. The event’s programme will focus on the country’s and the region’s holistic hydrocarbons sector, from onshore discoveries to its vast offshore E&P potential, midstream and infrastructure plans. After two Sold-out editions, Morocco’s official Oil & Gas Summit returns for its 3rd edition to focus on opportunities, developments and projects in Morocco and West Africa, with access to 1:1 meetings with ONHYM, African Ministries and Moroccan decision-makers involved in one of the most powerful and promising energy hubs in the region. With the Nigeria-Morocco pipeline being among Africa’s most-anticipated projects, ONHYM will be welcoming an important number of African Ministries and NOCs for the Africa Regional Cooperation Roundtable, while hosting a series of networking events throughout two full days with the presence of the country’s Project Owners, such as Chariot Energy Group. Participants will be available to meet during dedicated 1:1 meetings with ONHYM and the country’s biggest Project owners, as the event has been tailored to host two full days of non-stop networking for E&P leaders to meet with Moroccan and African players in Marrakech. The 3rd Morocco Summit is expected to be the most networking-intensive event of the year, bringing under one roof ONHYM and African Energy leaders for the African Regional Cooperation Roundtable and the stage to meet operators and service companies. The Summit is open for registrations offering a full range of networking activities and exclusive content, in addition to the myriad of networking opportunities – including drinks receptions, networking breakfasts, coffee breaks and roundtable dialogues, high-level drinks receptions, and VIP private cocktails.

Côte d’Ivoire to sign new PSC over Block CI-705 with local upstream entity

This story was first published on the Hawilti+ Terminal on 13 September 2023. Côte d’Ivoire’s Cabinet has adopted a resolution on September 13th on the signing of a new production sharing contract (PSC) for block CI-705 with Ivory Coast Exploration (ICE) Oil & Gas. The block is located offshore Fresco and was relinquished by TotalEnergies in June 2022 after the unsuccessful drilling of the Barracuda-1X well. The block contains Albian structural closures, with structural prospects like Barracuda South yet to be tested. The award of the block to ICE is a win for Côte d’Ivoire’s local content as the company is majority-owned by Ivorian nationals. 2023 has marked a turning point for Côte d’Ivoire’s upstream sector after the commissioning of Eni’s offshore Baleine Field (phase 1) and the award of new PSCs in shallow- and deep-water to Murphy Oil and state-owned PETROCI. The government has embarked on several initiatives to boost upstream production and investment, positioning the country as a renewed hot frontier for oil & gas activity in West Africa.