Natural Oilfield to Replace Fortescue in DRC’s Grand Inga Hydropower Project
An Australian mining company, previously led by billionaire Andrew Forrest, has stepped back from developing the world’s largest hydropower project in the Democratic Republic of Congo (DRC).
President Felix Tshisekedi’s office announced that Natural Oilfield Services, a Nigerian oil producer, will now take the reins.
The revised plan involves constructing a 7-GW facility on the Congo River, scaled down from Fortescue’s ambitious Grand Inga project, which aimed to generate around 40 GW of hydropower.
Additionally, the proposal includes an aluminum foundry and a refinery capable of processing millions of tons annually.
However, Natural Oilfield’s Indian owners face allegations of defrauding public banks in New Delhi, involving approximately $1.7 billion. Despite this, the company remains committed to the project.
Grand Inga, if fully realized, would surpass China’s Three Gorges Dam as the world’s largest hydropower source. Yet, challenges persist due to Congo’s history of corruption and the substantial estimated cost—some estimates exceeding $80 billion.
Existing dams at the Inga site, with 1.8 GW of installed capacity, currently supply electricity to Congo’s copper and cobalt mines, operated by companies like CMOC, China Railway Group, and Glencore.
Fortescue, which replaced a Spanish-Chinese consortium in the project’s earlier phase (Inga III), will no longer participate in the revised plan, according to Congo’s presidency.
While Fortescue initially aimed to develop a green hydrogen project using Inga’s power, the project’s webpage is now inactive.
Natural Oilfield, a subsidiary of Sterling Oil Exploration & Production Co., plays a significant role in Nigeria’s oil industry. Sterling produces approximately 70,000 barrels per day, and Natural Oilfield recently commissioned a new oil block, targeting an additional 40,000 barrels daily.
The founders of Sterling, Nitin and Chetan Sandesara, faced charges of economic fraud in India, leaving their conglomerate indebted to public lenders.
Allegations suggest that funds raised for their Indian companies were diverted and laundered before being used to support their Nigerian oil business.
Despite these controversies, the Grand Inga project continues to evolve, with Natural Oilfield now at the helm.
