‘Oil windfall’ could stabilise credit relations - IMF

The authorities were committed to placing oil revenue windfalls with the Bank of Central African States (BEAC), and should also make every effort to normalise relations with the Congo’s creditors while oil prices were high in order to allow a resumption of much-needed financial and technical assistance, the IMF stated. The agency also called on the government to strengthen financial administration, monitoring and reporting to improve governance and transparency, which would in turn help promote private-sector growth. The government had taken “an important step” by defining the final relationship between the national petrol company [the Societe Nationale des Petroles du Congo (SNPC)] and the state, and prompt action on this would represent “an important milestone in improving transparency,” it said.

Meanwhile, Anadarko Petroleum Corporation has announced its intention to have a deep-water exploration well on its ‘Marine IX’ oil concession off the coast of the Republic of Congo next year, Hart’s Deepwater International reported on Tuesday. The company, traditionally a significant player in the US and North Africa (Tunisia and Algeria), was “looking to take a strong footing in the boom area of offshore West Africa,” the report added. Anadarko, based in Houston, Texas (USA), is one of the world’s largest independent exploration and production companies, and is keenly involved in the search for natural gas and crude oil reserves.