Oil reserves in Congo - The Executive President of the Initiative for Transparency in the Extractive Industries (ITIE) in Congo, Florent Michel Okoko, on Thursday announced that the country’s oil reserves were estimated at 2 billion barrels.
Speaking at a ceremony for the presentation of the fifth ITIE report for the year 2012, Okoko said Congo also had very large quantities of bitumen reserves estimated at 2.5 billion barrels, found in the department of Kouilou, southern Congo.
As regards offshore gas reserves, they are estimated at above 100 billion cubic metres, Okoko said, adding that the development had placed Congo in the fifth place of proven reserves of natural gas in Sub-Saharan Africa.
Congo, the fourth largest producer of oil in Sub-Saharan Africa in 2012, produces about 300,000 barrels of oil per day or 100 million barrels per year.
Experts say that Congo's oil production has fallen at the moment because some of the wells are drying up
They say 'If new wells are not discovered in the short term, production will fall to 270,000 barrels per day by 2020.
Congo also produced the equivalent of 4 million barrels of butane and propane gases from its fields at Nkossa and Nsoko.