Oil & Gas - Copperbelt Katanga Mining

Rwanda Announces First Oil Discovery in Lake Kivu

January 19, 2025January 19, 2025 Constance0 comment

Rwanda has confirmed its first-ever oil discovery, identifying 13 reservoirs in Lake Kivu, which lies along its border with the Democratic Republic of Congo (DRC). “We have oil,” announced Francis Kamanzi, CEO of the Rwanda Mines, Petroleum, and Gas Board, during a parliamentary hearing, as reported by local media outlet Igihe. The discovery follows more than a decade of exploration efforts in the lake. Kamanzi expressed optimism about uncovering additional reserves, noting the significant oil deposits already identified in neighboring Uganda and the DRC within the Great Lakes region. Despite… Read More Here

Global Oil Price Hike Boosts DRC Revenue but Poses Local Economic Challenges

January 12, 2025January 12, 2025 Constance0 comment

The price of a barrel of oil, one of the Democratic Republic of Congo’s (DRC) key export products, rose by 1.00% on international markets, reaching $73.38 during the week of December 20–27, 2024, up from $72.65 the previous week, according to the Central Bank of Congo (BCC). This rebound follows a 1.53% decline the prior week and is attributed to China’s announcement of an expansionary fiscal policy aimed at revitalizing its economy. The price increase presents mixed outcomes for the DRC: Economists emphasize the need for balanced management of these… Read More Here

Mining in DRC Oil & Gas

DRC Ratifies Hydrocarbon Cooperation Agreement with Uganda

January 4, 2025January 4, 2025 Constance0 comment

Following approval by both the National Assembly and Senate during the September session, Law No. 24/022 of December 30, 2024, authorizing the ratification of a cooperation agreement on the exploitation of hydrocarbons and joint deposits between Uganda and the Democratic Republic of Congo (DRC), has been promulgated by President Félix-Antoine Tshisekedi. The announcement was made on Tuesday, December 31, 2024, through a series of orders broadcast on national television (RTNC). This ratified agreement, signed in Kampala on June 23, 1990, and January 25, 2008, was presented by Minister of Hydrocarbons,… Read More Here

Mining in DRC Oil & Gas

Molendo Sakombi Presents Draft Laws to Boost Cross-Border Oil Management with Angola and Uganda

December 15, 2024December 15, 2024 Constance

Last Thursday, the Minister for Hydrocarbons of the Democratic Republic of Congo (DRC), Molendo Sakombi, presented two draft laws to the National Assembly aimed at improving the management and exploitation of oil resources in cross-border areas shared with Angola and Uganda. The first draft law, signed in July 2023, addresses governance and management agreements for the common oil zone. The second draft law involves an amendment signed on October 3, 2024, between the DRC and Angola. Additionally, the second law references agreements signed with Uganda on June 23, 1990, and… Read More Here

Mining in DRC Oil & Gas Petroleum

EquityBCDC Leads $282 Million Syndication to Support DRC’s Oil Sector

December 15, 2024December 15, 2024 Constance

EquityBCDC has announced the second drawdown of $282 million from its landmark syndication with FirstBank DRC SA, Ecobank RDC, and Standard Bank. This initiative, in collaboration with the Congolese government, aims to finance the country’s oil debt and ensure stability in the distribution of petroleum products nationwide. Of the total drawdown, EquityBCDC contributed $156 million, building on the success of the initial $123.5 million drawdown. The effective management of the first tranche has bolstered confidence in this second phase, which is designed to support oil companies and mitigate any potential… Read More Here

Mining in DRC Oil & Gas Petroleum

DRC Orders Audits of Perenco’s Oil Operations and Environmental Impact

December 15, 2024December 15, 2024 Constance

The Democratic Republic of Congo (DRC) has initiated two comprehensive audits of Perenco, the sole producer of oil in the country, based in the Kongo Central province. The audits aim to examine the company’s production activities and environmental practices. The Ministry of Hydrocarbons has tasked Alex Stewart International (ASI), a Liverpool-based auditing firm known for its rigorous reviews, with assessing Perenco’s technical and operational activities. ASI will focus on clarifying the management of Perenco’s mature onshore and offshore oil fields. In parallel, Environmental Resources Management (ERM), a specialist consultancy, has… Read More Here

Mining in Zambia Oil & Gas Petroleum

Zambia ERB Raises Fuel Prices Amid Kwacha Decline and Oil Surge

November 30, 2024November 30, 2024 Constance

The Energy Regulation Board (ERB) has announced an upward adjustment in the pump prices for petroleum products, effective from midnight. ERB Chairperson James Banda attributed the price increase to the rise in international oil prices and the depreciation of the Zambian Kwacha against the US Dollar. He further explained that since the last price review on October 31, 2024, the Kwacha had depreciated by over 2 percent against the US Dollar. SOURCE:znbc Read More Here

International Oil & Gas Petroleum

Oil Prices Drop 4.45% Amid Supply Glut and Slowing Demand

November 24, 2024November 24, 2024 Constance

The price of a barrel of oil has dropped by 4.45%, settling at $72.25. This decline is largely attributed to an oversupply in the market coupled with weakening demand, especially from China. China, which is a major driver of global oil demand, is facing an economic slowdown. As a result, OPEC has revised its 2024 growth forecast downward, predicting a drop of 135,000 barrels per day in demand. Despite China’s stimulus efforts, oil consumption remains sluggish, exacerbated by the country’s real estate crisis and ongoing concerns about economic growth. These… Read More Here

Mining in Zambia Oil & Gas Petroleum

Zambia’s ERB Assures Stable Fuel Supply Amid Logistical Challenges

November 20, 2024November 20, 2024 Constance

The Energy Regulation Board (ERB) has assured Zambians of a stable fuel supply despite logistical challenges impacting fuel imports. ERB Director General Elijah Sichone stated during a media briefing in Lusaka that the country currently has adequate stocks of diesel and petrol. He acknowledged, however, that changes in transit fuel regulations in neighboring countries, particularly Zimbabwe, have disrupted transportation routes and slowed imports. Mr. Sichone revealed that as of November 15, 2024, a survey of 610 out of 617 retail fuel stations showed 82.1% were actively selling both diesel and… Read More Here

Mining in DRC Oil & Gas Petroleum

Minister Aimé Molendo Sakombi Outlines Vision for DRC’s Oil Sector Growth and Sustainability

November 17, 2024November 17, 2024 Constance

On Thursday, November 14, 2024, Minister of Hydrocarbons Aimé Molendo Sakombi provided an in-depth analysis of the Congolese oil sector at the Hilton Hotel, during the Hydrocarbons House event, held alongside the tenth edition of the Makutano Forum. While the Democratic Republic of Congo (DRC) is often called a “geological scandal” due to its vast natural resources, its oil production is currently limited to a mere 20,000 barrels per day—a stark contrast to the country’s potential. Minister Sakombi emphasized that key regions like the Central Basin, the Albertine Graben, and… Read More Here