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Category: Oil & Gas

DRC earns nearly $70M in a year after Reviewing Debt owed by Oil Tankers 1 Mining in DRC Oil & Gas 

DRC earns nearly $70M in a year after Reviewing Debt owed by Oil Tankers

Constance
The adoption of a more rigorous approach in the calculation and follow-up of the debt owed to oil tankers has made it possible to reduce the cost by +/- 70 million USD for the benefit of the Public Treasury of the Democratic Republic of Congo in one year. These details were provided by the Acting Minister of the National Economy, Nicolas Kazadi, during the weekly meeting of the Council of Ministers held on Friday March 3, 2023 in Kinshasa. Indeed, the Congolese Ministry of Finance and the Economy have initiated… Read More Here
DRC to Introduce two new Laws to Increase Tax Revenues from the Oil industry to $450M Annually 2 Mining in DRC Oil & Gas Taxes 

DRC to Introduce two new Laws to Increase Tax Revenues from the Oil industry to $450M Annually

Constance
The decree on eligibility criteria and methods for calculating losses and shortfalls (being finalized) and the one on the methods for fixing the price of diesel sold to mining companies in the southern zone (signed recently) will allow the Congolese Government to save nearly 157 million on the oil subsidy and the improvement of the taxation of the oil sector for an envelope estimated at 450 million USD/year, or 4% of the current revenue of the Central Power Budget. The Acting Minister of the National Economy, Nicolas Kazadi, indicated, during… Read More Here
Mozambican Fuel Companies complain of "Dramatic" Situation 3 Oil & Gas International 

Mozambican Fuel Companies complain of “Dramatic” Situation

Constance
The Mozambican Association of Fuel Companies (AMEPETROL) has expressed concern over the current state of the fuel sector, which they have described as “dramatic”. Despite purchasing fuel at high prices, AMEPETROL has complained that filling station prices have not been updated accordingly. AMEPETROL President Michel Ussene has stated that the association is confident that the government understands their situation and will support them to ensure that companies can continue to operate normally. This echoes warnings that AMEPETROL has made since the beginning of 2022. The lack of price updates at… Read More Here
DRC Prime Minister Briefed on $100m Lake Kivu Methane Gas Extraction Project 4 Mining in DRC Oil & Gas 

DRC Prime Minister Briefed on $100m Lake Kivu Methane Gas Extraction Project

Constance
The Congolese Prime Minister, Jean-Michel Sama Lukonde, received in audience, on Tuesday, February 28, 2023, at the Primature, in turn, the Ambassador of Egypt and the Ambassador Extraordinary and Plenipotentiary of the Republic of Tunisia in the DRC . With the Ambassador Extraordinary and Plenipotentiary of the Republic of Tunisia in the DRC, Bouzekri Rmili, the Prime Minister, Jean-Michel Sama Lukonde Kyenge, discussed the issue of the project to extract methane gas from Lake Kivu. According to Bouzekri Rmili, this project only awaits the signing of the presidential order for… Read More Here
No Shortage of Gasoline or Diesel will be Observed in Kinshasa, Reassures Didier Budimbu 5 Mining in DRC Oil & Gas 

No Shortage of Gasoline or Diesel will be Observed in Kinshasa, Reassures Didier Budimbu

Constance
The Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), Didier Budimbu, indicated that no shortage of gasoline or diesel will be recorded in the city of Kinshasa. According to the communication service of the Ministry of Hydrocarbons, there is a slowdown in the rise of gas-oil barges for Ango Ango following the work of the Compagnie des Voies Maritimes (CVM) on the Congo River. “The Ministry of Hydrocarbons reassures the population of Kinshasa that no shortage of petrol or diesel is on the horizon. However, there is a slowdown… Read More Here
DRC Produces Over 8.4 Million Barrels of Crude Oil in 2022 6 Oil & Gas Mining in DRC 

DRC Produces Over 8.4 Million Barrels of Crude Oil in 2022

Constance
Between two calendar years, oil production remained linear in the Democratic Republic of Congo (DRC). According to the compendium of statistical information from the Central Bank of Congo (BCC), the oil industries of the Democratic Republic of Congo produced only 8.4 million barrels of crude oil. This production is stagnant compared to the year 2021 when the same source informs that the oil industries had produced the same volume of barrels of crude oil. It should be noted that this production is still very low compared to the level of… Read More Here
Glencore's 2022 Output of Cobalt, Oil, Nickel, and Ferrochrome Rises 7 Copper Battery Metals International Oil & Gas 

Glencore’s 2022 Output of Cobalt, Oil, Nickel, and Ferrochrome Rises

Constance
Mining and marketing company Glencore produced 40% more cobalt last year, along with 16% more oil, 5% more nickel and 1% more ferrochrome. Although coal production of 110-million tonnes was 6.7-million tonnes higher, on a like-for-like basis, overall group coal production fell by 7%, primarily owing to wet weather challenges and an extended community blockade in Colombia, where Glencore now owns 100% of Cerrejón. Following the restart of the Mutanda mine in the Democratic Republic of Congo (DRC), the London- and Johannesburg-listed company last year produced 43 800 t of cobalt, 12 500 t more… Read More Here
Climate Advocates Urge Pope to End Oil and Gas Development in DRC 8 Oil & Gas Mining in DRC 

Climate Advocates Urge Pope to End Oil and Gas Development in DRC

Constance
Climate activists are urging a halt to oil and gas exploration in the Democratic Republic of Congo and seeking the Pope’s support during his visit to the country. They are opposing activities in Virunga National Park, Africa’s oldest park, as well as government plans to auction oil blocks in sensitive areas. The activists believe that oil exploration poses serious risks to the environment, wildlife, and local communities. Pope Francis, who is known for advocating for environmental justice and calling for a transition to renewable energy, is on a four-day visit… Read More Here
Didier Budimbu extends the deadline for submitting applications for the 27 oil blocks from April to October 2023 9 Mining in DRC Oil & Gas 

Didier Budimbu extends the deadline for submitting applications for the 27 oil blocks from April to October 2023

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The application deadline for the 27 oil blocks is extended from April to October 2023, depending on the blocks. This postponement will allow the companies to continue the various technical evaluations essential to the assessment of the offers, reports a press release from the Ministry of Hydrocarbons Resources signed by Minister Didier Budimbu himself. Read More Here
Eni CEO proposes increasing African gas imports for Italy 10 Oil & Gas International 

Eni CEO proposes increasing African gas imports for Italy

Constance
Italy can significantly increase its gas imports from Africa and transfer some of the supply to northern Europe if it boosts its infrastructure in the next few years, the CEO of energy group Eni ENI.MI Claudio Descalzi told several Italian papers. Speaking from Algiers where he travelled with Italy’s Prime Minister Giorgia Meloni, Descalzi said that Rome could already count on many connections with Africa including the TransMed pipeline linking Algeria to Sicily. “We are the only ones to have a connection with Algeria… which has a capacity of about… Read More Here

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