Regulatory Reforms Drive Congolese Economic Growth
Contributing upwards of 60% to the national fiscus, oil represents the largest sector of the Republic of the Congo’s economy, and by leveraging its reserves of 2.9 billion barrels of crude oil and 10 trillion cubic feet of natural gas, the Central African country has been committed to the establishment of a competitive hydrocarbon market to help serve as a major catalyst for socioeconomic development.
While the Republic of the Congo continues to experience an economic recession as a result of the oil sector’s underperformance, due primarily to the decline in production and volatile global oil prices, the Congolese government has remained committed to introducing more favorable terms for operators and investors, aiming to attract new investment and develop its hydrocarbon industry through the implementation of changes to key legal and regulatory frameworks.
The oil price shocks that have come as a result of the COVID-19…
