According to the OPEC annual statistical bulletin of 2022, the Congo exported $5,785 billion worth of petroleum in 2021. This accounts for 79.3% of its net exports of $7,291 billion. In the late 1970s, Congo emerged as a significant oil producer, with production expanding considerably during the 1990s.
What is the oil and gas industry in Congo?
Oil and Gas dominate the resource sector of the Republic of the Congo (French: République du Congo), also referred to as Congo-Brazzaville, with the petroleum industry accounting for 89% of the country’s exports in 2010.
What happened to oil production in Congo?
By the turn of the century, production began to decline as existing oil fields reached maturity. As of 2008, oil production has increased every year as a result of several new projects, mainly Congo’s first deep-water field Moho-Bilondo. The Congo is the sixth largest oil producer in sub-Saharan Africa.
When did Congo become a major oil producer?
In the late 1970s, Congo emerged as a significant oil producer, with production expanding considerably during the 1990s. By the turn of the century, production began to decline as existing oil fields reached maturity.