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

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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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