Oil & Gas - Copperbelt Katanga Mining

DRC's Oil Sector Expects To Generate More Than USD 305.8 Million In Revenue In 2023 1

The Democratic Republic of Congo (DRC) government has assigned the task of generating revenue of around 615.4 billion Congolese Francs (CDF), equivalent to over 305.8 million US dollars, from oil producers to the Directorate General of Taxes (DGI) and the Directorate General of Administrative, Judicial, State and Participation Revenue (DGRAD) According to Document 4 of the Finance Law for the 2023 financial year relating to revenue-generating acts, these revenues are projected to show a growth rate of 55.8% compared to their level in the 2022 financial year, which was quantified… Read More Here

Oil & Gas

DRC Produces 1.783 Million Barrels Of Crude Oil As Of November 30, 2022

January 9, 2023January 9, 2023 Constance

As of November 30, 2021, figures from the Central Bank of Congo (BCC) indicate that oil companies operating in the Democratic Republic of Congo produced 1.783 million barrels of crude oil. The Central Bank of Congo made this known in its latest summary of statistical information published on December 23, 2021 on its website. During the period under analysis, crude oil production in the Democratic Republic of Congo increased slightly compared to the same period in 2020. In November 2021, the same document informs that the oil industries of the… Read More Here

Oil & Gas Mining in Zambia

Zambia Scraps 25% Import Tax On Gasoline, Petroleum Prices Expected To Fall Back At Year End & Beyond

December 28, 2022January 2, 2023 Constance

Amidst energy price pressures in Africa’s copper producer, Zambia, the Energy Ministry on December 27, announced an extermination of customs duty on petroleum products into 2023. This was contained in a communique from the energy authorities to the Oil Marketing Companies. The Zambian authorities, have amended the customs duty rate in Chapter 27 of the Customs and Excise Act Cap 322 from 25% to free rate (0%). This applies to importation of petrol and low Sulphur gas oil and shall come into effect on 01 January 2023. Petroleum energy reforms in… Read More Here

International Oil & Gas

Independent Oil Companies In Africa Increasingly Becoming A Larger Presence in The Continent’s Oil & Gas Industry

December 26, 2022December 26, 2022 Constance

It took less than 20 years for Somoil to become one of Angola’s largest private oil companies, but the company is hardly resting on its laurels. Somoil, like many independents operating in Africa today, is moving forward with ambitious plans for continued growth. Based on its current trajectory, Somoil’s chances of achieving its goals look good. The company operates three blocks with the capacity to produce as much as 50,000 barrels per day (bpd) of crude oil. In April, Somoil and London-headquartered Sirius Petroleum entered a $336 million deal with… Read More Here

Copper International Oil & Gas

New Model Allows For balancing Rare Plant Protection, Mine Development

December 20, 2022December 20, 2022 Constance

Researchers at Utah State University are mapping out strategies that allow balancing the emerging demand for mining and energy development projects on the Colorado Plateau and the survival of the area’s rare plant populations. In a paper published in the journal Land, the scientists explain that the vast stretches of desert in southeastern Utah and southwestern Colorado are home to rare plants like milkvetch, beardtongue penstemon and sclerocactus, which manage to survive under the harshest of environmental conditions and, thus, are something of an ecologically niched miracle. To ensure that at least 30%… Read More Here

Energy International Oil & Gas

Germany pushes back on Putin’s ‘blackmail’ with gas terminal

December 19, 2022December 19, 2022 Constance

Germany opened its first state-chartered liquefied natural gas vessel as Europe’s largest economy races to replace Russian gas amid an energy crunch and freezing temperatures. “As of today, Germany and the EU will become a great deal more secure and independent,” Chancellor Olaf Scholz said in a short speech Saturday in Wilhelmshaven on the North Sea coast to mark the inauguration. Scholz said Russian President Vladimir Putin, in pursuing the invasion of Ukraine, calculated that he could pressure Germany and the rest of Europe by making energy a political weapon… Read More Here

International Copper Oil & Gas

Goldman says commodities will gain 43% in 2023 as supply shortages bite

December 17, 2022December 17, 2022 arnbethnic

Commodities will be the best-performing asset class once again in 2023, handing investors returns of more than 40%, according to Goldman Sachs Group Inc. The Wall Street bank said that while the first quarter may be “bumpy” due to economic weakness in the US and China, scarcities of raw materials from oil to natural gas and metals will boost prices after that. Goldman predicted a multi-year commodities supercycle in late 2020. It has stuck to that view even as energy prices dipped in recent months due to China’s coronavirus restrictions… Read More Here

Oil & Gas Mining in DRC

DRC Finance Minister to budget for disbursement of oil royalties to Kongo Central starting 2023

December 15, 2022December 15, 2022 arnbethnic

The President of the Republic Félix Tshisekedi returned in his communication during the 80th meeting of the Council of Ministers held on Friday December 9, 2022 to the issue of the allocation of oil royalties. He recalled the provisions of Law No. 11/011 of July 13, 2011 on public finance provides for the granting of a monthly allowance of 10% of the share due to the provinces in favor of the producing province as compensation to repair including environmental damage resulting from oil extraction. “To date, only the province of Kongo… Read More Here

Oil & Gas Mining in DRC

DRC’s oil companies produced 7.8 million barrels by the end of November 2022 (BCC)

December 12, 2022December 12, 2022 arnbethnic

Petroleum industries based in the Democratic Republic of Congo (DRC) produced a total volume of 7.8 million barrels between January and November 2022. This is revealed in the summary of statistical information from the Central Bank of Congo for the month of November 2022. With this level of production of petroleum products, the Democratic Republic of Congo is far from competing with the Republic of Congo or Angola. To date, Angola’s oil production is estimated at around 1.17 million barrels per day. According to data from the Central Bank of… Read More Here

Oil & Gas Natural gas

Will the ‘gas rush’ benefit Africa? At COP27, activists are in doubt.

November 19, 2022November 19, 2022 Copperbelt Katanga News

The “gas rush” of Western powers plunged into the midst of an energy crisis represents a false promise for Africa’s development, worry activists and experts at COP27, who see the future on the side of renewables. The Russian invasion of Ukraine unleashed a storm on the energy markets and pushed the countries of the North, particularly Europe, to secure at all costs strategic supplies for their economy. Europeans are therefore eyeing African countries, which intend, for some, to take advantage of this new race. Senegal or the Democratic Republic of… Read More Here