Oil & Gas - Copperbelt Katanga Mining

Unlocking Zambia’s Oil and Gas Potential

April 22, 2024April 22, 2024 Constance0 comment

Zambia, the world’s seventh-largest copper producer, is ramping up infrastructure and mineral exploration efforts while partnering with international firms to expand its renewable energy sector. Although its petroleum industry is relatively untapped, emerging developments driven by strategic positioning and promising geology present enticing opportunities for upstream investments. Regional Exploration Success Highlights Zambian Prospects Zambia shares geological similarities with neighboring countries that have witnessed significant exploration success, particularly in oil and gas. These include exploration in the East African Rift Basin – featuring the Lake Albert Rift Basin in Uganda and… Read More Here

KBR Secures Management Contract for Lobito Refinery Expansion Project in Angola

April 5, 2024April 5, 2024 Constance0 comment

Engineering firm KBR has been awarded a project management contract for the development of the Lobito Refinery, a significant project located in Benguela Province, Angola. With a capacity of 200,000 barrels per day (bpd), this refinery expansion project marks a pivotal moment in Angola’s oil industry. Under the contract granted by Angolan national oil company Sonangol, KBR will oversee the engineering, procurement, and construction (EPC) phase of the project. This agreement solidifies a 20-year partnership between KBR and Sonangol, demonstrating KBR’s continued commitment to the region. Jay Ibrahim, President of… Read More Here

International Governance Oil & Gas

Senegal’s New President Initiates Audit of Extractive Sectors

April 4, 2024April 4, 2024 Constance0 comment

In a televised address on Wednesday, newly elected President Bassirou Diomaye Faye announced Senegal’s plans to conduct a comprehensive audit of the oil, gas, and mining sectors. Faye’s landslide victory in the March election reflects the nation’s aspirations for change. The audit marks one of the initial policy actions undertaken since Faye’s inauguration on Tuesday. Emphasizing the importance of natural resource management, Faye stated, “The exploitation of our natural resources, which belong to the people according to the constitution, will be a top priority for my government.” While details about… Read More Here

Petroleum Mining in DRC Oil & Gas

Fuel Smuggling Attempt Thwarted in Cabinda Province

March 30, 2024March 30, 2024 Constance

Approximately 7,500 liters of fuel were confiscated last Saturday in Cabinda province by members of the first Border Guard Police Unit, suspected of being smuggled into the Democratic Republic of Congo (DRC). According to a press release from the Institutional Communication and Press Department of the Ministry of the Interior (MININT), the fuel seizure took place at the Tendequele Village Border Post during routine patrols near the land border with the DRC. The fuel, comprising diesel and gasoline, was discovered packed in 300 drums of 25 liters each inside a… Read More Here

International Oil & Gas Petroleum

Nigeria Leads Shell’s Payments to Governments, Receiving Record $4.92 Billion in 2023

March 22, 2024March 22, 2024 Constance

In 2023, Nigeria emerged as the top recipient of payments from Shell, receiving the highest payments in the form of production entitlements, royalties, taxes, and fees amounting to $4.92 billion, marking the highest figure recorded in four years. Shell’s total payments to governments across 27 countries in 2023 amounted to $29.51 billion. Following Nigeria, Oman and Norway ranked as the second and third highest recipients, receiving payments of $4.09 billion and $3.81 billion, respectively. Nigeria’s payout from Shell increased by 8.85 percent compared to the previous year, representing 16.67 percent… Read More Here

Mining in DRC Oil & Gas

DRC Secures $123.5 Million Syndicated Loan to Repay Oil Company Subsidies

March 14, 2024March 14, 2024 Constance

The Democratic Republic of Congo (DRC) has secured $123.5 million from a consortium of local banks, including Standard Bank, FirstBank RDC SA, Ecobank RDC, and Equity BCDC, to reimburse oil companies for fuel subsidies. This announcement was made jointly by the Ministers of Finance and the Economy, along with a press release from the participating banks. The syndication agreement, known as the “Club Deal,” represents a groundbreaking initiative in the Congolese financial sector and signals a significant milestone in its development. The funds raised will support the government’s efforts to… Read More Here

Oil & Gas International Natural gas

Congo Takes the Lead in Advancing Gas Initiatives

February 16, 2024February 22, 2024 Constance

The Republic of Congo is a mature hydrocarbon market with proven resources, including 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. However, a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade and infrastructure upgrades. The upcoming Invest in African Energy (IAE) 2024 forum, scheduled for May… Read More Here

Oil & Gas Economy Mining in Uganda

Uganda Harnesses Oil and Gas Resources for Economic Transformation

January 31, 2024January 31, 2024 Constance

Uganda is strategically positioning itself for economic growth by tapping into its rich oil and gas resources while simultaneously embracing a sustainable energy transition plan, as revealed by the Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu. The ambitious 25-year plan anticipates a substantial economic boost, with $8.6 billion injected into Uganda’s GDP by 2025, fueled by revenues from oil and gas production. The “last in, last out” approach discussed at the 28th UN Climate Change Conference enables developing nations like Uganda to leverage their resources. This approach aligns… Read More Here

Mining in DRC Economy Oil & Gas Petroleum

Kinshasa Authorities Assure No Risk of Fuel Shortage in DRC

January 12, 2024January 12, 2024 Constance

The city of Kinshasa, capital of the Democratic Republic of Congo (DRC), will not experience a stock shortage of petroleum products despite the flooding of the Congo River. These assurances were given by the Ministry of the National Economy in response to rumors circulating on social networks suggesting a possible exhaustion of fuel stocks in Kinshasa. “From information obtained from SEP Congo officials, the rumor about the fuel stock shortage linked to the flooding of the Congo River is completely false. Consumers are advised to ignore this. », writes the… Read More Here

Oil & Gas Mining in DRC Petroleum

DRC and Nigeria Renew OPEC Commitment After Angola’s Departure

December 24, 2023December 24, 2023 Constance

Following Angola’s decision to exit the OPEC oil cartel, Nigeria and Congo have reaffirmed their commitment to the Saudi-led oil producer group, which has been actively seeking support for additional output cuts to boost prices. Africa’s biggest oil producers, Nigeria and Angola, were among several countries given lower output targets for 2024 after years of failing to meet the previous ones, Reuters reported. On Thursday, Angola announced its exit from OPEC, citing that the organization no longer served its interests. But Nigeria’s minister of state for petroleum Heineken Lokpobiri said… Read More Here