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Category: Oil & Gas

Three Oil Marketing Companies Secure Contracts Under TAZAMA Pipeline Open Access 1 Mining in Zambia Oil & Gas 

Three Oil Marketing Companies Secure Contracts Under TAZAMA Pipeline Open Access

Constance
The TAZAMA Pipeline Open Access Selection Committee has awarded contracts to three oil marketing companies (OMCs) to supply low-sulfur gas oil to Zambia, marking a significant step in the country’s fuel supply strategy. Indeni Energy Company Limited, Boltt Global Solutions Limited, and a joint venture between Titanium Oil Corporation and ADNOC will begin utilizing the TAZAMA Pipeline in April 2025. According to the Ministry of Energy, each company has been contracted to supply 35,000 metric tonnes of diesel, totaling 105,000 metric tonnes. The contracts are valued at $2.94 million, with… Read More Here
Tazama Pipelines Enhances Diesel Flow with New Drag Reducing Agent 2 Mining in Zambia Oil & Gas Petroleum 

Tazama Pipelines Enhances Diesel Flow with New Drag Reducing Agent

Constance
Tazama Pipelines has introduced a drag reducing agent (DRA) to improve the efficiency and flow of diesel through its network. This chemical reagent reduces friction within the pipeline, enhancing the movement of gasoil. As a result, the daily diesel pumping capacity has increased from 2.8 million liters to 3.6 million liters. Speaking at the launch event in Dar es Salaam, Energy Minister Makoso Chikote emphasized that this project highlights the commitment of both the Zambian and Tanzanian governments to reforming the petroleum sector. He added that the use of the… Read More Here
Rwanda Announces First Oil Discovery in Lake Kivu 3 Oil & Gas International 

Rwanda Announces First Oil Discovery in Lake Kivu

Constance
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 4 Mining in DRC Oil & Gas Petroleum 

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

Constance
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
DRC Ratifies Hydrocarbon Cooperation Agreement with Uganda 5 Mining in DRC Oil & Gas 

DRC Ratifies Hydrocarbon Cooperation Agreement with Uganda

Constance
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
Molendo Sakombi Presents Draft Laws to Boost Cross-Border Oil Management with Angola and Uganda 6 Mining in DRC Oil & Gas 

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

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
EquityBCDC Leads $282 Million Syndication to Support DRC’s Oil Sector 7 Mining in DRC Oil & Gas Petroleum 

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

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
DRC Orders Audits of Perenco’s Oil Operations and Environmental Impact 8 Mining in DRC Oil & Gas Petroleum 

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

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
Zambia ERB Raises Fuel Prices Amid Kwacha Decline and Oil Surge 9 Mining in Zambia Oil & Gas Petroleum 

Zambia ERB Raises Fuel Prices Amid Kwacha Decline and Oil Surge

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
Oil Prices Drop 4.45% Amid Supply Glut and Slowing Demand 10 International Oil & Gas Petroleum 

Oil Prices Drop 4.45% Amid Supply Glut and Slowing Demand

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

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