Oil & Gas - Copperbelt Katanga Mining

The oil revenues mobilized by the financial authorities of the Democratic Republic of Congo (DRC), as of March 3, 2023, are estimated at 69.5 billion Congolese Francs CDF, or nearly 34 million USD. This is what the weekly digest of statistical information from the Central Bank of Congo (BCC) provides in its report dated March 8 of the current year. During the period under analysis, the Directorate General of Taxes (DGI) mobilized CDF 13,143.83 billion from oil revenues. In addition, the General Directorate of Administrative, Judicial, State and Participations Revenue… Read More Here

Mining in DRC Oil & Gas

US Company Offers $400M to Prevent Abandonment of 27 DRC Oil Blocks

March 23, 2023March 23, 2023 Constance

The auction of 27 oil blocks and three gas blocks by the Government of the Democratic Republic of Congo (DRC) continues to be the subject of disputes with several international bodies. Indeed, a financial technology company on biodiversity, based in New York and called “EQX Biome”, has said that it is ready to bet 400 million USD or (334 million pounds sterling) to transform the project of exploitation of 27 oil blocks in forest conservation projects. This information was reported by the British newspaper The Guardian a few weeks ago… Read More Here

Oil & Gas Mining in DRC

The barrel of Crude Oil traded at 85.5 USD in the last week of February 2023

March 13, 2023March 13, 2023 Constance

In the last week of February 2023, the price of oil recorded a slight increase of 2.3% on a weekly basis. According to statistical data published by the Central Bank of Congo (BCC) in its monthly report on the summary of statistical information, a barrel of crude oil sold at 85.5 USD during this period. On the international market, specialists believe that despite the recent surge in prices, there is little chance that the price per barrel will rise quickly. The price of a barrel of Brent is distributed downwards… Read More Here

Mining in Zambia Oil & Gas

Works on TAZAMA Pipeline Connecting Tanzania & Zambia Almost Complete

March 13, 2023March 22, 2023 Constance

The conversion of the TAZAMA pipeline from being a conduit of commingled feedstock into one carrying finished product is expected to be completed by Saturday next week. Energy Minister, PETER KAPALA has confirmed in a statement saying works are so far at 90 percent. Mr. KAPALA said all the crude oil, which was in the pipeline, from the time Indeni Refinery was shut down in April 2021, has been removed, stored and is ready to be refined. He explained that the crude oil is estimated to be 80 million litres… Read More Here

Oil & Gas International

Pumangol Invests more than 12 million dollars to build New assets

March 10, 2023March 13, 2023 Constance

The Angolan company that distributes fuel and oil derivatives Pumangol, in partnership with Sonangol, will invest, in the near future, more than US$12 million in the construction of three new filling stations in Luanda and in another province to be announced in brief. The information was provided by the director of Logistics and responsible for the Aviation and Bitumen segment of the said company, Óscar Sequesseque, on the sidelines of the inauguration ceremony of the company’s 80th fueling station, located on Avenida Comandante Van-Dúnem Loy, by the Secretary of State Jânio… Read More Here

Mining in Zambia Energy Oil & Gas

Zambia’s New Dawn Govt Affirms no plan to Revert Fuel Price adjustments

March 10, 2023March 11, 2023 Constance

In response to sensational media reports, the New Dawn Government has to clarified that they have no plans to revert to previous methods of adjusting fuel prices after several months. Such a system makes it difficult to manage debts owed to oil marketing companies and does not result in cost-reflective pump prices. The Minister of Energy, Hon. Eng. Peter Chibwe Kapala, stated that in recent media interviews, his office did not indicate a return to the quarterly review system. The government plans to continue with monthly reviews to ensure consumers… Read More Here

Mining in DRC Oil & Gas

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

March 8, 2023March 8, 2023 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

Mining in DRC Oil & Gas Taxes

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

March 8, 2023March 8, 2023 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

Oil & Gas International

Mozambican Fuel Companies complain of “Dramatic” Situation

March 3, 2023March 3, 2023 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

Mining in DRC Oil & Gas

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

March 1, 2023March 1, 2023 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