(3 minutes read)
- Congo will take-over Organization of the Petroleum Exporting Countries (OPEC’s) rotating presidency in 2022 from Angola, a major oil producing country, which is heading the powerful oil body
- . It has 2.9 billion barrels of oil reserves and 10 trillion cubic feet of natural gas, which the country is trying to leverage for alleviating poverty and positioning the country as a regional energy hub
- The government has cancelled tax and customs exemptions granted to oil companies for more than 30 years to broaden the tax base and to realize more revenue
Congo will take-over Organization of the Petroleum Exporting Countries (OPEC’s) rotating presidency in 2022 from Angola, a major oil producing country, which is heading the powerful oil body. This was revealed by OPEC secretary-General Mohammed Barkindo. He visited the central African country recently where he met with the country’s leaders. During the meetings, he assured that OPEC would continue to work for the leadership of African countries in this organization.
The Congo is driving development across the entire energy value chain. It has 2.9 billion barrels of oil reserves and 10 trillion cubic feet of natural gas, which the country is trying to leverage for alleviating poverty and positioning the country as a regional energy hub. The country has seen a drop in oil revenues due, among other things, to production cuts imposed by the OPEC. There was also an allegation that Total and Eni, two major oil producers, are siphoning a huge amount of money by using corrupt and non transparent practices.
The government has cancelled tax and customs exemptions granted to oil companies for more than 30 years to broaden the tax base and to realize more revenue. This was welcomed by the activists, who were clamoring for plugging revenue loopholes. Congo is the third-largest oil producer of oil in sub-Saharan Africa after Nigeria and Angola. It has an estimated production of 336,000 barrels of crude oil per day.
