BY DAYO ADESULU
The Ministry of Hydrocarbons of the Republic of Congo is set to launch the country’s comprehensive Gas Master Plan (GMP) at the highly anticipated African Energy Week (AEW) 2021.
Comprising a framework that aims to incentivize the development of and investment in the Congo’s natural gas sector for the benefit of the country as a whole, the launch will present significant investment opportunities for both regional and international stakeholders.
Formulated by the Ministry of Hydrocarbons and Wood Mackenzie Ltd. under the direction of the country’s national oil company, the Société Nationale des Pétroles du Congo (SNPC), the GMP comprises a medium to long term strategy for natural gas utilization that will facilitate the exploitation and development of the country’s natural gas resources, support economic diversification and growth, and contribute towards long-term energy security. With the role of natural gas and gas monetization comprising key themes at AEW 2021, the launch is expected to present high-level investors with a lucrative investment opportunity.
According to the Organization of the Petroleum Exporting Countries, the Republic of Congo has approximately 284 billion cubic feet of proven gas reserves. With both domestic and regional demand gradually increasing, particularly regarding gas-to-power generation, the GMP presents a comprehensive strategy for monetizing reserves and spurring sectoral growth.
Additionally, the GMP prioritizes resource maximization, economic growth and diversification, social benefits, government revenue and attracting investment. AEW 2021 provides the most ideal platform to present such a revolutionary plan, uniting key stakeholders with optimal investment markets.
“The Republic of the Congo’s GMP provides a long-term strategy for the monetization and development of the country’s natural gas reserves. While in Congo, I held several meetings with the Minister, his team, SNPC and other actors on the state of the sector and was encouraged by a commitment to be different.
By launching the GMP at AEW 2021, an Africa-focused event that prioritizes the role of natural gas in Africa’s energy future, the Congo will be able to drive investment and establish the country as a competitive market,” stated NJ Ayuk, Executive Chairman, the African Energy Chamber.
The launch of the Republic of Congo’s GMP at AEW 2021’s aligns with the event’s agenda to open the dialogue on Africa’s gas miracle and its potential for both resource-rich markets and the wider region.
By presenting stakeholders with valuable insight into current and emerging natural gas markets, and by explicating transformative gas plans such as that of the Congo’s, AEW 2021 aims to promote and drive investment into Africa’s natural gas sector.