Congo’s chief and most praised sector is… the OIL sector! The Congo has progressed as a nation over the many years and shows no sign of slowing down. An incredible amount of “support” from the natural resource namely oil has positively benefited the country and its people.
Fifteen years ago roughly the Congo exported 257, 000 bpd and out of those exports petroleum accounted for roughly half. oIn Sub bsaharan Africa, the Congo is the fourth-largest oil producer, and has an estimated 1.5 billion barrels in reserve.
In 1994, the Congo took steps to deregulate the oil industry by offering production-sharing agreements with major foreign oil companies. This initiative is intended to regularize the flow of income to the government. Despite these steps, declining oil prices in 1998 badly hurt the Congo’s economy. The French oil company Elf-Aquitaine, which accounts for 70 percent of Congo’s annual oil production, is the major producer, along with the Italian oil firm Agip, and Chevron and Exxon from the United States. Rising worldwide oil prices in 2001, together with new discoveries and production, are expected to increase export revenues in the coming years.
Beautiful and tropical Congo is subtly influenced by its manufacturing sector. One thousand factories more or less comprise the nations sector with primary focus on processing agriculture and forest products. Several establishments exist which are involved in manufacturing import-substitution products including clothing from foot gear, cold drinks, tar & cement, various chemicals and so much more. The products that are in less demand but never the less produced, include textiles, footwear, cement, and soap.
OTHER ECONOMIC SECTORS
The Congo has the third-largest natural gas reserves in sub-Saharan Africa, estimated at over 3 trillion cubic feet. As of 2001, however, there was no development of a natural gas industry. The Congo has substantial reserves of copper, lead, zinc, gold, and platinum, but these metals are mined in small quantities.