The African Export-Import Bank (Afreximbank) signed an agreement to provide a $300 million facility to Trident OGX Congo in a transaction expected to raise the Republic of Congo’s crude oil production by an estimated 30%.

The loan will enable Trident OGX Congo, a fully owned subsidiary of Trident OGX International Ltd, Singapore, to implement a capital expenditure programme to ramp-up crude oil production from the Mengo-Kundji-Bindi II (MKB II) oil fields.

Under the terms of the agreement, Trident OGX Congo will use the proceeds of the facility to finance a seven-year development programme on the MKB II permit area located in near the border with Angola’s Сabinda enclave.

Upon completion of the field development plan, the transaction is expected to increase the Republic of Congo’s crude oil production level by up to 30% and create new jobs.

Speaking at the signing ceremony, Prof. Benedict Oramah, President and Chairman of the Board of Afreximbank, said the project could bring investment of about $1.5 billion into Congo’s oil and gas sector, he said. 

OPEC member Congo Republic produces about 300,000 barrels per day. According to the World Bank, the oil industry contributes more than 50% of the nation's gross domestic product and more than 80% of its exports.

S&P Global has previously forecast that Congo-Brazzaville's total oil and gas production could rise to 114.2 million boe (barrel of oil equivalent) in 2030, from 108.6 million boe in 2023, driven by a slate of new projects.

(Editing by Seban Scaria )