Congo Republic plans to join the OPEC oil cartel, the government said, as the former French colony presses ahead with projects that could help it become the third-largest oil producer in sub-Saharan Africa, Reuters reports.
“The Republic of Congo has decided to accede to the Organization of the Petroleum Exporting Countries (OPEC),” the statement dated Jan. 11 but sent out to journalists on Wednesday.
Congo’s oil sector was badly hurt by the global dip in prices and a slowdown in its own output since 2014, but it has been rejuvenated by new projects scheduled to boost output by a quarter to 350,000 barrels per day (bpd) this year.
If successful, the country, where Italy’s ENI (ENI.MI) and France’s Total (TOTF.PA) are among the operators, will be the no. 3 oil producer in sub-Saharan Africa, analysts say.