Congo-Brazzaville focusses on Asian crude export markets

Submitted by Paddy Harris on Fri, 2015-01-23 10:38

23rd January 2015

The Republic of the Congo has reaffirmed its export focus on China and other Asian partners ahead of Western markets such as the US and Europe

Over the past year, major international oil companies such as Italy’s Eni have made major discoveries and invested heavily in exploration and production in Congo’s territorial waters

The Republic of the Congo will target Asia’s lucrative crude oil markets as its offshore production levels are set to soar as new fields come online later this year and in 2016.

"The U.S. market is no longer a real option for us and European demand is still affected by the economic crisis, so Asia is really our main market now," said Cedric Okiorina, head of trading and operations at Societe Nationale des Petroles du Congo (SNPC).

Over the past year, major international oil companies such as Italy’s Eni have made major discoveries and invested heavily in exploration and production in Congo’s territorial waters, causing the African nation’s expected oil output to rise from 270,000 barrels per day (bpd) in 2014 to 350,000 bpd by 2017.

The US export market has been hit by domestic production of shale oil reducing the need to import foreign grades, whilst European oil markets remain stagnant in line with their economies.

"Our grades are already well-known in Asia, but many people don't know SNPC and instead buy through third parties," said Okiorina.