Trident OGX Congo Secures $300 Million Financing for MKB II Oilfields Expansion
Oil and gas firm Trident OGX Congo has successfully obtained a $300 million financing facility from the pan-African multilateral financing institution, the African Export-Import Bank (Afreximbank).
This funding will support the expansion of production activities in the Mengo-Kundji-Bindi II (MKB II) oilfields located in the Republic of the Congo.
The allocated capital will play a pivotal role in partially funding a comprehensive seven-year development program within the MKB II permit area.
This strategic initiative will enable Trident OGX Congo to boost its production capabilities while simultaneously creating employment opportunities.
Upon the successful completion of the field development, this transaction is poised to result in a remarkable 30% increase in the Republic of the Congo’s national crude oil output.
This partnership, signed by Afreximbank President and Chairman Benedict Oramah and Trident OGX Congo Chairman Steve Meheen, aligns with the country’s broader objectives of elevating production levels and invigorating economic growth.
