4.375
%
Positive
82
mm boe
62
%
The government has achieved a balance between risk and return, with both the state and contractors benefiting, and Eni's Congo LNG project has added a new export stream. Debt arrears and Sassou Nguesso's continuation in power after the March 2026 election are watch points. Outlook maintained because the operating environment for contractors remains constructive. Outlook: Positive. Risk premia unchanged at 4.375%.
October 7, 2026
Africa - Central
mm bbl
bcf
Central Africa, on the Atlantic coast, south of Gabon.
PSC/PSA
The licensing process is designed to be flexible. There are no formal licensing rounds; licences are negotiated on an individual basis. Prospecting licences are awarded on a non-exclusive basis and are valid for one year, with several one-year extensions allowed. Exploration licences are awarded on an exclusive with an initial period of 4 years with two 3-year extension options possible, subject to meeting work obligations; at each renewal, a maximum of 50% of the exploration acreage must be relinquished. Production licences are granted for a maximum of 20 years (less for smaller fields). An extension of up to 5 years can be obtained, after which a new production licence must be negotiated. Most recent contracts include a ‘super profit sharing’ mechanism, where the contractor and government share the value of production over a base price, which is currently estimated to be $60/bbl by OGA. While the split is negotiable, we estimate it to be 65%/35% in the government’s favour. As this is the first claim on production, the state’s share is an effective royalty. There are further royalties, which are again negotiable, by approximately 12% for onshore and shelf oil, 15% for deepwater oil and 5% for gas in all areas.
President Denis Sassou Nguesso has dominated politics for decades and was returned in the March 2026 election. Debt distress, payment arrears and opaque governance of the oil sector are persistent concerns raised in US and UK guidance. The EIA notes that oil, operated mainly by TotalEnergies and Eni, accounts for the bulk of exports and revenue. Eni's Congo LNG project began exports in 2024 and its second phase in late 2025, making the country a new LNG exporter.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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