- PetroNor sold 881,192 barrels of crude oil from Congo’s PNGF Sud block for $64 million at $72.8 per barrel.
- The company’s net production at PNGF Sud averaged 4,770 barrels daily, with new drilling plans to boost output.
- The sale contributes to Congo’s projected $1.66 billion oil revenue in 2025, highlighting foreign investment’s role in the sector.
PetroNor, a Norwegian oil exploration company, sold 881,192 barrels of crude oil from the Pointe Noire Grand Fond (PNGF) Sud block in Congo in the fourth quarter of 2024, generating $64 million for the company.
The company sold the crude oil at an average price of $72.8 per barrel, marking PetroNor’s most significant sale in history. The company expects to produce another 450,000 barrels in the first half of 2025.
During this period, the PNGF Sud block reached an average net production of 4,770 barrels per day (b/d). This figure represents a slight decrease from the previous quarter’s 4,778 b/d, but production remained stable. PetroNor attributed this stability to efficient infrastructure management and a successful reconditioning campaign.
The company plans to increase production through new infill drilling operations to boost output in the coming months.
The sale also boosts Congo’s economy. The oil sector is projected to generate $1.66 billion in revenues in 2025, crucial for Congo’s fiscal income.
Foreign investors like PetroNor contribute significantly to the development of Congo’s oil resources. This sale highlights the critical role of these investments in the Congolese oil sector.
PetroNor’s success on the PNGF Sud block underscores the potential of offshore oil exploration in Congo. The company’s performance demonstrates the importance of foreign partnerships in advancing the country’s oil industry.
In conclusion, the $64 million sale marks a key milestone for PetroNor and supports Congo’s growing oil revenue. With production stabilising and new drilling efforts on the horizon, the country’s oil sector outlook remains positive.