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.
How much oil does the Congo have?
As of 2021, the Congo has 1,811 million barrels of proven crude oil reserves. Their crude oil production is measured at 267 thousand barrels per day. The accompanying downstream oil industry is an important element in the country’s economy.
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.
How much oil does Congo export in 2021?
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.