- Natural Oilfield Services Ltd. (NOF) signed a preliminary deal with the Democratic Republic of Congo (DRC) on May 9 to build a 7GW hydropower plant which has replaced the 40GW Grand Inga project under development by Australian mining house, Fortesque.
- Fortescue themselves replaced a consortium of Spanish and Chinese companies, which failed to develop a $14 billion, 11-gigawatt version of the project known as Inga III.
NOF has agreed to undertake feasibility studies for a 7GW facility on the Congo River, according to a statement from the presidential agency overseeing Inga’s development. The revised proposal includes the construction of an aluminum foundry and refinery.
NOF is a subsidiary of Sterling Oil Exploration & Production Co., which pumps more crude in Nigeria than any company other than multinational giants like Shell Plc, Exxon Mobil Corp. and Chevron Corp. Sterling currently produces about 70,000 barrels per day, while Natural Oilfield this month commissioned a new oil block in the West African country, where it’s targeting an additional 40,000 barrels a day.
Fortescue will no longer participate in the revised Inga plan, Congo’s presidency told Bloomberg.
Author: Bryan Groenendaal
