H.E. Minister Didier Budimbu Ntubuanga, Minister of Hydrocarbons of the Democratic Republic of the Congo, will showcase investment and partnership opportunities across the country’s open acreages at the African Energy Paris Forum.
The African Energy Chamber (AEC) – the voice of the African energy sector – is proud to announce that Didier Budimbu Ntubuanga, Minister of Hydrocarbons of the Democratic Republic of the Congo (DRC), showcase investment and partnership opportunities across the central African country’s burgeoning oil and gas upstream sector during the African Energy Paris Forum, taking place on 1 June at the Westin Paris Vendome.
Following the awarding of exploration and production licenses in three blocks to Symbion Power, Winds Energy & Production and Alfajiri Energy as part of a licensing round comprising 27 onshore blocks in 2022, the DRC’s upstream market has become increasingly attractive to frontier E&P players. Representing one of the final frontiers for oil and gas, the country is seeking foreign investment and private sector participation to unlock the full potential of the onshore market. To date, exploration activities by firms such as Atlantic Ocean and Cohydro and production campaigns by Perenco have been instrumental in driving the country’s energy market growth, however, the country is looking at opening the onshore market even further, representing a huge testament to the government’s commitments to driving socioeconomic growth on the back of oil and gas.
Currently, exploration and production are concentrated in the Congo Basin as well as along the four major lakes bordering with Tanzania, Burundi, Rwanda and Uganda. As such, the DRC’s new approach to energy optimization through increased exploration has opened up massive opportunities for global upstream firms as well as value addition for the local people and economies through skills development and employment creation. In this scenario, H.E. Ntubuanga continues to make great strides towards securing the participation of global players.
During the Forum the Minister will provide key insight into the opportunities for oil and gas players in the DRC. Committed to maximizing potential oil and gas reserves while driving a just and inclusive energy transition, the Minister will make a significant play for investment, thereby unlocking a new era of energy sector growth for the DRC.
“DRC conversations will center around exploration and investment opportunities across the DRC’s open acreages. While only 19% of the Congolese people currently connected to electricity, increasing the exploration and development of the country’s vast oil and gas reserves is crucial to achieve the 30% energy access target set by the government for 2024. Perenco is producing in the DRC and doing well and we want to see more companies produce oil and natural gas in the DRC,” stated NJ Ayuk, Executive Chairman of the AEC, adding that, “We look forward to gaining critical insight into the opportunities available in the DRC and consider the country’s energy industry to represent a key driver of making energy poverty history in Africa by 2030.”