New Energy research report from Business Monitor International is now available from Fast Market Research

Boston, MA -- (SBWire) -- 02/12/2013 --BMI View: With production in steady decline and few major projects expected to come onstream over the next few years, the Republic of Congo (RoC)'s upstream oil outlook does not inspire much confidence. However, Eni's vast oil sands project in the country's south could offer some long-term opportunities; otherwise the outlook is bleak. If Eni's project is realised, this would be the first of its kind on the continent.

The main trends and developments for RoC's Oil and Gas sector are:

- BMI expects oil production to be in continuous decline throughout the decade due to most of the production coming from mature fields and from the lack of new projects coming onstream. We see liquids production falling from an estimated high of 309,000 barrels per day (b/d) in 2012 to 294,000b/d in 2017 before hitting 282,500b/d in 2021. This relatively gradual decline is explained by a small number of new projects coming onstream, offset by a steady decline rate among older properties.
- Consumption of crude is likely to rise at an average of 5.1% from 2012 to 2021. We therefore anticipate that consumption will rise from an estimated 13,900b/d in 2012 to 21,400b/d by 2021.
- BMI forecasts that gas production will increase from an estimated 1.1bn cubic metres (bcm) in 2012 to 3.9bcm by 2021. Domestic gas consumption will also be boosted by the implementation of enhanced oil recovery techniques that include the reinjection of gas in mature fields to improve natural lift. Gas demand is set to rise at an average annual growth rate of 16.3%. This is explained by strong macroeconomic expansion, with nominal GDP expected to grow at an average of nearly 13.67% over the same period.
- Congolese crude reserves are likely to start declining from their 1.60bn barrels (bbl) peak of the 2007-2011 period. Unless substantial discoveries are made, new deepwater basins opened or oil sands resources proven to be commercially viable, current discovery rates would see reserves falling to 1.51bn bbl in 2016 and then to 1.28bn bbl by 2021. With regards to gas, given the lack of investment in the sector, reserves are likely to continue to remain stuck at their 1997 level of 90.61bcm.
- In the downstream sector, the authorities have struggled to modernise CORAF, the country's sole refinery. Despite an US$868mn investment deal signed with Saudi Arabia's Rawabi Holding Company in February 2008 to increase capacity at the plant to 100,000b/d, there has been no sign of upgrade at the plant. We have not factored any expansion in our forecasts and we see capacity stagnating at 21,000b/d with an average utilisation rate of 66.87% throughout the decade.

View Full Report Details and Table of Contents

About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Energy research reports at Fast Market Research

You may also be interested in these related reports:

- Northern Oil & Gas, Inc. Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2012
- Advantage Oil & Gas Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2012
- Forent Energy Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2012
- OJSC Rosneft Oil Company Oil & Gas Exploration and Production Operations and Cost Analysis – Q1, 2012
- ARC Resources Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2012
- Bonterra Energy Corp Oil & Gas Exploration and Production Operations and Cost Analysis – Q1, 2012
- Petrobank Energy and Resources Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis – Q1, 2012
- FairWest Energy Corporation Oil & Gas Exploration and Production Operations and Cost Analysis – Q1, 2012
- Vero Energy Inc. Oil & Gas Exploration and Production Operations and Cost Analysis – Q1, 2012
- Petro-Reef Resources Ltd. Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2012