Natural Gas Services' 15min chart sees KDJ Golden Cross, Bullish Marubozu.

On the 15-minute chart of Natural Gas Services, a KDJ Golden Cross and Bullish Marubozu pattern emerged on October 3rd, 2023 at 13:30. This signals a shift in momentum towards an upward trend, suggesting potential for further price increases. As buyers maintain control of the market, bullish momentum is likely to continue.

The Republic of Congo is poised to pass a new natural gas law, which aims to attract significant foreign investments and spur the development of its natural gas resources. According to Bruno Jean-Richard Itoua, Minister of Hydrocarbons, the new law will be a key driver in diversifying Congo's energy portfolio beyond its established oil industry.

The country, an OPEC member since 2018, has been actively pursuing the valorization of natural gas as part of its strategic goals. The new law, expected to be passed soon, is designed to provide a more favorable regulatory environment for foreign investors, thereby encouraging them to invest in the country's natural gas sector.

Recent developments in Congo's natural gas sector have been promising. Italy’s energy major Eni launched the Congo LNG project in 2022, which includes the first natural gas liquefaction (LNG) project in the country. The project's second phase, involving the Nguya floating liquefied natural gas (FLNG) unit, is currently underway and is expected to be operational by the end of 2025. The first floating unit, Tango FLNG, began production in December 2023 and has already exported 12 cargoes. The second phase of the project is expected to increase the total liquefaction capacity to 3 million tons per annum (MTPA) DRC Set to Pass New Natural Gas Law to Attract Investments^[1].

Additionally, Congo has made significant strides in offshore exploration. Last month, the country awarded TotalEnergies and its partners QatarEnergy and the national company SNPC the Nzombo offshore exploration permit. The consortium plans to spud one exploration well by the end of 2025, further underscoring Congo's commitment to exploiting its natural gas resources.

The new natural gas law, coupled with these recent advancements, positions Congo as a strategic player in the global natural gas market. As the country continues to develop its natural gas resources, it is likely to attract more foreign investment and strengthen its energy sector, contributing to its overall economic growth and diversification.