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Category: Oil & Gas

Invictus Energy Looks to Divest in Zimbabwe Oil and Gas Project 1 International Oil & Gas 

Invictus Energy Looks to Divest in Zimbabwe Oil and Gas Project

Constance
Independent upstream oil and gas company Invictus Energy is mulling divestment in its Zimbabwean oil and gas project. The decision is contingent to confirmation of commercially viable discoveries at the company’s Mukuyu-2 exploration well, situated in the Cabora Bassa basin in northern Zimbabwe, which Invictus Energy will start drilling during Q3 2023. The second phase of the Cabora Bassa project is poised to ascertain the profitability and viability of the resources in the basin. Pending positive results from the appraisal program, the company intends to bring in new partners to further develop… Read More Here
Zimbabwe Looks to South Sudan Ahead of Domestic Discoveries 2 International Oil & Gas 

Zimbabwe Looks to South Sudan Ahead of Domestic Discoveries

Constance
Zimbabwe’s Deputy Minister of Energy and Power Development, Hon. Magna Mudyiwa, stated at the South Sudan Oil & Power (SSOP) conference in Juba last week that Zimbabwe is looking to South Sudan for support ahead of sizable oil and gas finds expected in the southern African country.  An in-country exploration campaign is currently underway in Zimbabwe and has revealed encouraging results. According to Hon. Minister Mudyiwa, the country is “inching closer to making a discovery, which will open a new chapter for Zimbabwe, as we will join other producing countries in the… Read More Here
DRC Suffers Nearly $1 Billion in Damages from Oil and Gas Block Dispute 3 Mining in DRC Oil & Gas 

DRC Suffers Nearly $1 Billion in Damages from Oil and Gas Block Dispute

Constance
The Congo is not for sale (CNPAV) coalition denounced, during its recent press conference, the attitude of the Minister of Hydrocarbons Didier Budimbu, whom it accuses of maintaining opacity in the process of selecting operators for some oil blocks. Received in the “Transparency” column of ACTUALITE.CD, Lewis Yola, expert in downstream oil and in the negotiation of oil contracts, member of the CNPAV, estimates the losses incurred by the DRC at 1 billion USD if the opacity which characterizes the process allocation and negotiations of oil and gas blocks is… Read More Here
Brent crude oil prices raise concerns 4 International Oil & Gas 

Brent crude oil prices raise concerns

Constance
The slight rise in the price of oil on international markets, driven in particular by the desire of Saudi Arabia, the second largest oil producer in the world behind the United States of America, to reduce its daily production by nearly one million barrels per day, raises concerns about the future of black gold prices. This Tuesday, June 7, 2023, the barrel of Brent crude oil is trading at 78.73 USD against 71 USD at the end of last week on the Inter Continental Exchange (ICE), the stock exchange specializing… Read More Here
Sonangol and China's CNCEC Forge MoU for Lobito Refinery 5 Oil & Gas Petroleum 

Sonangol and China’s CNCEC Forge MoU for Lobito Refinery

Constance
Angola’s national oil company (NOC) Sonangol signed a Memorandum of Understanding (MoU) with China National Chemical Engineering (CNCEC) in Beijing for the construction of the Lobito Refinery. The MoU will see the parties raise the required financing for the project and could potentially lead to a contract for the construction of this important infrastructure by the Chinese company. The MoU was signed by Sonangol Chairman Gaspar Martins, on behalf of the NOC, on June 6 in the Chinese capital Beijing, and in the presence of the Minister of Mineral Resources, Oil and… Read More Here
Angola and DRC to Become Joint Holders of Offshore Block 14 6 Mining in DRC Oil & Gas 

Angola and DRC to Become Joint Holders of Offshore Block 14

Constance
The Democratic Republic of the Congo (DRC) is in the process of finalizing an agreement with Angola and oil and gas major Chevron, concerning offshore Block 14, which was previously a subject of dispute. Under the agreement, both countries would become joint holders of the block. “We are due to meet again very soon, and things can move very quickly,” stated the DRC’s Minister of Hydrocarbons Didier Budimbu Ntubuanga, adding that conversations were still ongoing with regards to further blocks that cross both nations’ borders on the Atlantic coast. According to Minister Ntubuanga, and under… Read More Here
CNPAVa a Congolese NGO Condemns Minister of Hydrocarbons for Illicit Oil and Gas Deals 7 Mining in DRC Mining Policy Oil & Gas 

CNPAVa a Congolese NGO Condemns Minister of Hydrocarbons for Illicit Oil and Gas Deals

Constance
The Congo N’est Pas à Vendre (CNPAV) coalition has strongly criticized Minister of Hydrocarbons, Didier Budimbu, accusing him of maintaining a lack of transparency in the selection process for certain oil blocks. These concerns were expressed during a press conference held in Kinshasa on Friday, June 2. In response, the CNPAV has called on the government to prioritize complete transparency to prevent costly errors that have significant financial implications for the country due to opaque practices. Congo Not For Sale has identified four (4) irregularities in the process of awarding… Read More Here
OIl Mining in Zambia Oil & Gas Petroleum 

Zambia’s Energy Regulation Board Issues Warning Against Petroleum Product Hoarding

Constance
The Energy Regulation Board (ERB) in Zambia has issued a stern warning to Oil Marketing Companies (OMCs) and Petroleum Retail Dealers regarding the deliberate withholding of petroleum product sales, particularly in the days leading up to the monthly pricing review announcement. The caution comes in response to reports of alleged stock shortages at certain filling stations prior to the ERB’s price review announcement. Namukolo Kasumpa, the ERB Public Relations Manager, emphasized that this practice constitutes hoarding, which is strictly prohibited under the conditions of the Licence to Retail Petroleum Products.… Read More Here
Civil society opposes exploitation of Congolese oil and gas blocks in energy transition 8 Mining in DRC Oil & Gas 

Civil society opposes exploitation of Congolese oil and gas blocks in energy transition

Constance
Several civil society organizations in the Democratic Republic of Congo (DRC) are taking a firm stand on environmental issues and sustainable development. In a recent development on Tuesday, May 29, these organizations signed a memorandum addressed to President Félix Tshisekedi, urging him to reconsider the exploitation of Congolese oil and gas blocks. The memorandum, supported by scientific studies and reports, highlights the negative implications of such exploitation. The global shift towards renewable energy in the energy transition calls for a departure from polluting energy sources. Consequently, the DRC’s engagement in… Read More Here
Perenco Inaugurates New Production and Training Platform offshore DRC 9 Mining in DRC Oil & Gas 

Perenco Inaugurates New Production and Training Platform offshore DRC

Constance
Independent Anglo-French oil and gas company Perenco has inaugurated a new  offshore platfrom, named Magisus in Muanda in the Democratic Republic of Congo. The offshore facility, which was launched by H.E Didier Budimbu, Minister of Hydrocarbons, DRC and Wivine Moleka, Deputy Minister of Hydrocarbons, DRC will be leveraged by Perenco to increase oil production by enabling the independent to connect new wells drilled in 2023 and 2024.  The facility’s gas compression capabilities will help Perenco to avoid gas flaring in oil and gas production and reduce carbon footprint by avoiding 120,000 tons… Read More Here

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