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Category: Oil & Gas

Oil Prices Drop 4.45% Amid Supply Glut and Slowing Demand 1 International Oil & Gas Petroleum 

Oil Prices Drop 4.45% Amid Supply Glut and Slowing Demand

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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
Zambia's ERB Assures Stable Fuel Supply Amid Logistical Challenges 2 Mining in Zambia Oil & Gas Petroleum 

Zambia’s ERB Assures Stable Fuel Supply Amid Logistical Challenges

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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
Minister Aimé Molendo Sakombi Outlines Vision for DRC's Oil Sector Growth and Sustainability 3 Mining in DRC Oil & Gas Petroleum 

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

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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
Maniema Province Ushers in New Era with Oil Tax Agreement 4 Mining in DRC Oil & Gas Petroleum 

Maniema Province Ushers in New Era with Oil Tax Agreement

Constance
A new era is emerging for Maniema Province following a significant development on Monday, October 21. Oil companies and the provincial government signed a historic memorandum of understanding to establish a conventional tax on petroleum products. This tax, set at 300 Congolese francs per liter, aims to fund ambitious projects to improve the province’s infrastructure. The revenue generated from this tax will be allocated to road infrastructure projects, enhance public services, and stimulate the local economy. The decision, reached after extensive negotiations, was met with enthusiasm from all stakeholders. During… Read More Here
ERB Confirms Zambia's Fuel Stocks Are Sufficient Amid Nationwide Distribution Efforts 5 Mining in Zambia Oil & Gas Petroleum 

ERB Confirms Zambia’s Fuel Stocks Are Sufficient Amid Nationwide Distribution Efforts

Constance
The Energy Regulation Board (ERB) has assured that Zambia currently holds sufficient petroleum stock levels, addressing recent fuel shortages experienced in parts of the country. According to ERB, logistical issues related to cross-border fuel transportation have been the primary cause of these localized shortages. To mitigate this, the ERB has temporarily eased movement restrictions on Petroleum Road Tank Vehicles to facilitate more efficient fuel deliveries and reduce supply gaps. ERB Director General, Elijah Sichone, reported that the nation has 35.8 million liters of diesel and 8.9 million liters of petrol… Read More Here
Fuel Prices Drop by 13% in DRC's West Zone as Govt Moves to Combat High Cost of Living 6 Mining in DRC Oil & Gas Petroleum 

Fuel Prices Drop by 13% in DRC’s West Zone as Govt Moves to Combat High Cost of Living

Constance
The price of fuel in the Democratic Republic of Congo’s (DRC) West zone has seen a significant reduction, with gasoline dropping from 3,340 to 2,990.49 Congolese francs per liter, a 13% decrease. Similarly, diesel prices have fallen from 3,435 to 2,979.73 Congolese francs per liter, also marking a 13% reduction. This price cut follows the orders signed on Wednesday, October 2, by Daniel Mukoko Samba, the Vice Prime Minister and Minister of the National Economy. According to a statement from the Ministry of National Economy, the government is closely monitoring… Read More Here
DRC and Angola Sign Key Agreement on Revenue Sharing for Block 14/23 Oil Exploitation 7 Mining in DRC Exploration Oil & Gas 

DRC and Angola Sign Key Agreement on Revenue Sharing for Block 14/23 Oil Exploitation

Constance
On Wednesday, October 2, 2024, in Luanda, Angola, the Democratic Republic of Congo (DRC) and Angola signed the Regulation of the Supervision Commission of the Common Account for the Zone of Common Interest (ZIC) and an Agreement on revenue sharing and tax compliance related to ZIC – Block 14/23. This signing took place during the Angola Oil & Gas (AOG) International Conference, in the presence of Angolan President João Lourenço. DRC’s Minister of Finance, Doudou Fwamba Likunde Li-Botayi, and his Angolan counterpart, Vera Esperança dos Santos Daves da Costa, formalized… Read More Here
DRC Oil Prices Rise 2.91% Amid Commodity Fluctuations 8 Mining in DRC Oil & Gas Petroleum 

DRC Oil Prices Rise 2.91% Amid Commodity Fluctuations

Constance
The price of a barrel of oil, a key export for the Democratic Republic of Congo (DRC), saw a 2.91% increase, trading at USD 74.52 during the week of September 13–20, 2024. This marks a notable rise from the previous week, as reported by the Central Bank of Congo (BCC). According to the BCC’s economic report, oil prices on the international market had earlier shown fluctuations, with the week of September 6–13, 2024, witnessing a slight 0.92% drop, bringing prices down to USD 72.41 per barrel. This is a 7.87%… Read More Here
South Kivu Governor Bans Import of Fuel to Boost Local Revenue 9 Mining in DRC Oil & Gas Petroleum 

South Kivu Governor Bans Import of Fuel to Boost Local Revenue

Constance
Jean Jacques Purusi, Governor of South Kivu province, has implemented a ban on mining companies and other businesses importing petroleum products from foreign countries, including Rwanda. He is now requiring that all fuel be sourced from local oil companies to prevent revenue loss for the province. “Chinese mining companies and road construction firms have been refueling in Rwanda each year. This practice is now strictly forbidden; all fuel must be purchased within the province,” Governor Purusi announced at a meeting held on Sunday, September 8, at Concorde Stadium. The governor… Read More Here
Tanzania and Zambia to Assess Costs for Joint Pipeline Expansion Project 10 Mining in Zambia Oil & Gas 

Tanzania and Zambia to Assess Costs for Joint Pipeline Expansion Project

Constance
A contractor has been assigned to conduct a feasibility study aimed at expanding the capacity of the Tanzanian-Zambia Crude Oil Pipeline, commonly known as the Tazama Pipeline. The goal is to increase its capacity to transport 5 million tonnes of crude oil annually. The Tazama Pipeline, built in 1968, currently has a capacity of 800,000 tonnes, which no longer meets the demands of Tanzania and Zambia, necessitating the upgrade. According to the Tanzanian newspaper The Citizen, Davison Thawethe, Managing Director of Tanzania Pipeline Limited, stated that the cost of the… Read More Here

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