Congo Brazzaville and Chinese company Wing Wah struck a new $23 billion deal to boost oil production in the African country.
Under the agreement, Wing Wah will develop three oil fields to drill 200,000 barrels per day in Congo Brazzaville by 2030. The company already operates in the country, extracting about 45,000 barrels per day from the Banga Kayo onshore field.
Italy’s Eni and France’s TotalEnergies are also exploring oil production opportunities in Congo Brazzaville, as the government tries to harness its hydrocarbon reserves to solve economic challenges.