PARIS: As low oil prices hit economies across Africa, one unlikely country is boosting output and attracting major investment that could make it one of the continent’s largest producers by next year. Congo Republic, whose oil sector was ravaged by a dip in prices and production since 2014, has been rejuvenated by new projects scheduled to boost output by 25% to 350,000 bbl/d next year and help an ailing economy hobbled by huge debt, civil unrest and deep-rooted corruption.
The former French colony, ruled by President Denis Sassou Nguesso for all but five years since 1979, is expected to be the third largest oil producer in sub-Saharan Africa by next year, according to analysts. It is still a way off top African producers like Nigeria, where output is around 2 MMbbl/d, and its new-found bounty will not affect oil prices. But a sustained rebound could help relaunch hospitals and water and power lines in one of the world’s poorest countries, shelved during the downturn.
