Oil and gas company Trident OGX Congo has secured a $300 million financing facility from pan-African multilateral financing institution the African Export-Impact Bank (Afreximbank) to increase production at the Mengo-Kundji-Bindi II (MKB II) oilfields in the Republic of the Congo.
The capital will be used to partially finance a seven-year development program across the MKB II permit area, enabling the company to increase production while opening up job creation opportunities.
Upon completion of the field development, the transaction will result in a 30% increase in national crude output.
Signed by Afreximbank President and Chairman Benedict Oramah and Trident OGX Congo Chairman Steve Meheen, the deal falls under national efforts to raise production and stimulate economic growth.
