Republic of the Congo: an oil licensing round and elevated political risk

Summary: An upcoming oil licensing round is intended by the Nguesso regime to raise cash resources necessary for regime survival, as a political risk outlook as 2021 nears is increasingly negative. Cash resources would allow the Nguesso government to ignore implementing economic reforms that would further jeopardize the regime’s hold on power. Debt levels, borrowing terms, and Eurobond prices and yields will come under greater pressure. Analysis The government of the Republic of the Congo (also referred to as Congo-Brazzaville, distinct from its neighbor across the Congo river, the Democratic Republic of the Congo, or Congo-Kinshasa), announced it plans to …

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