Wedoany.com Report-Sept. 8, The Republic of the Congo has signed a $23 billion hydrocarbon development agreement with Chinese oil and gas company Wing Wah for the integrated development of the Banga Kayo, Holmoni and Cayo permits. The initiative aims to increase national oil output to 200,000 barrels per day by 2030. The agreement was signed in August by Congo’s Minister of Hydrocarbons Bruno Jean-Richard Itoua, Minister of State Jean-Jacques Bouya, and Xiao Lianping, President General of Wing Wah.

Under the pact, cumulative production across the three permits is expected to exceed 1.3 billion barrels by 2050. The deal forms a cornerstone of Congo’s wider economic and financial strategy, with over $23 billion in committed investment projected to generate substantial fiscal and para-fiscal revenues.

A key component of the project is integrated gas monetization. Plans include multi-phase expansion of LNG, LPG, butane and propane production capacity to meet both domestic demand and export needs. The development will also feature scalable gas treatment facilities, on-site power generation, and water management systems, enhancing operational efficiency and providing community benefits.

Wing Wah already has a notable footprint in Congo through the development of the Banga Kayo field. This onshore permit comprises about 237–250 drilled wells and currently produces around 45,000 barrels per day, with expectations of reaching 50,000–80,000 barrels per day at peak output.

Last year, the Republic of the Congo advanced its resource development strategy with the signing of an amended Production Sharing Contract (PSC) between Minister Itoua and Wing Wah for the Banga Kayo block. The amended PSC introduced a three-phase development plan, highlighting the importance of public-private collaboration in advancing hydrocarbon projects across Africa and providing a structured pathway for resource monetization.

NJ Ayuk, Executive Chairman of the African Energy Chamber, said: “The Republic of the Congo is aggressively developing its oil and gas resources, led by its Ministry of Hydrocarbons. The country’s rapid approach to resource development serves as a model for other African nations rich in natural resources. With ambitious plans to increase production capacity, Congo is set to unlock new opportunities for sustainable economic growth through strategic oil and gas investments.”

The new partnership with Wing Wah reinforces Congo’s strategy of maximizing its hydrocarbon potential while ensuring infrastructure development that supports both economic and social priorities. With integrated oil and gas operations, the country expects to boost output, increase revenues, and strengthen its position in global energy markets.