Elf-Congo to increase offshore exploration

TotalFinaElf's subsidiary in the Republic of Congo plans to increase offshore oil exploration, AFP reported on Friday. Speaking to state radio after talks with President Denis Sassou-Nguesso on Thursday, the chairman of the French oil giant, Thierry Desmarret, said that Elf-Congo, which accounts for two-thirds of ROC's oil output, was seeking new oil fields to replace some that are reaching exhaustion. Oil is Congo's leading export, accounting for some 60 percent of the national budget. Industry sources have warned that output would fall considerably if new fields are not discovered over the next several years. Congo produces about 271,000 barrels of crude per day. About a dozen oil companies operate off of Congo's southern oil capital, Pointe-Noire, including Elf-Congo; Agip-Congo, a subsidiary of Italy's ENA; the Anglo-Dutch company Royal Dutch Shell; and Chevron of the United States.