Oil & Gas - Copperbelt Katanga Mining

Global oil demand would be higher around 101.7 million b/d in 2023, according to the IEA 1

The International Energy Agency (IEA) forecasts a significant increase in global oil demand during the year 2023. Indeed, the demand is expected to be around 101.7 million bpd, up 1.9 million bpd compared to previous estimates provided by the Agency. According to an Agency report on the oil market published on Wednesday, January 18, 2023, “this improvement is, in large part, directly linked to the recent relaxation of zero Covid measures in China which has led to a significant increase in the energy consumption and demand.” As far as supply… Read More Here

Oil & Gas International

Uganda’s $3.5 Billion Oil Pipeline Project Aims To Overcome Two Decades Of Oil Setbacks

January 19, 2023January 22, 2023 Constance

Uganda has taken a bold step in eliminating the barriers that have hindered commercial petroleum production within the country. The East African nation did this by approving the construction of a $3.5 billion oil pipeline that will transport the country’s crude to international markets. This approval follows the application made by a company controlled by France’s TotalEnergies, (TTEF.PA). Uganda’s state minister for information, Godfrey Kabbyanga, via an email dispatched on Thursday, disclosed that the country’s cabinet approved the application to construct the pipeline by the East African Crude Oil Pipeline… Read More Here

Oil & Gas Contracts & tenders Mining in DRC

DRC Government Awards Exploitation of Three Gas Blocks

January 19, 2023January 21, 2023 Constance

The government of the Democratic Republic of Congo announced on Wednesday 18.01.2023 evening the companies that have been selected, through a bidding process, to operate three gas blocks in Lake Kivu, located in the eastern part of the country. As per the statement by the Minister of Hydrocarbons, Didier Budimbu, the chosen companies are: Symbion Power & Red for the “Makelele” block, Winds Exploration and Production LLC for the “Idjwi” block, and Alfajiri Energy Corporation for the “Lwandjofu” block. The first two companies have their headquarters in the United States,… Read More Here

Oil & Gas International

Uganda Expands its Oil Exploration With 2 new Partnerships

January 16, 2023January 16, 2023 Constance

Uganda’s administration has agreed to extend its oil exploration via its recently signed agreements with two oil firms. The government revealed on January 12th, that the country’s cabinet consented to the signing of production-sharing agreements (PSA) for two oil exploration blocks between two oil firms, including a unit of Australia’s DGR Global. The deal was approved on Monday 10th January during a cabinet meeting, where members voted for the new exploration opportunity. According to a statement issued by Godfrey Kabbyanga, a junior information minister, the cabinet on Monday, approved the… Read More Here

Oil & Gas Electricity Mining in DRC Mining Supply Tenders

American Company Secures Tender for Electricity Production from Methane Gas in Lake Kivu, In DRC

January 16, 2023January 16, 2023 Constance

According to Bloomberg, Symbion Power, an American company, has been awarded the tender for the production of electricity from methane gas in Lake Kivu, as announced by Didier Budimbu Ntubuanga, the Minister of Hydrocarbons. The American agency Bloomberg also reported the confirmation from Paul Hinks, managing director of Symbion, who stated that the project involves the Makelele block of methane gas. He further mentioned that the operation will be carried out in partnership with Renewable Energy Developments. The project specifically involves converting 60 megawatts of gas into electricity, with an… Read More Here

Oil & Gas International

UK’s $1.15 bln funding For Mozambique LNG Project lawful

January 15, 2023January 15, 2023 Constance

A London court has upheld the legality of the British government’s $1.15 billion funding for a liquefied natural gas project in Mozambique, dismissing an appeal brought by Friends of the Earth on Friday 13.01.2023 The environmental campaign group had asked London’s Court of Appeal to rule the British government wrongly decided funding the project, led by French energy company TotalEnergies, was compatible with the Paris Agreement on climate change. UK Export Finance (UKEF) has committed to provide direct loans and guarantees to banks to support the design, build and operation… Read More Here

Oil & Gas Mining in Zambia

Zambia To Source African-refined Oil

January 15, 2023January 15, 2023 Constance

In an attempt to lower fuel prices, Zambia has shown keen interest in importing fuel from its neighbor Angola Zambia plans to acquire stakes in Angola’s Lobito refinery located in Benguela Province along the Atlantic Coast. Zambia’s President Hakainde Hichilema announced during his visit to Angola that Zambia will invest in the under-construction Lobito refinery, set to be completed in 2026. President Hichilema also expressed interest in trading for Angolan refined oil after meeting with Angolan President João Lourenço. In a press conference, President Hichilema stated that it is illogical… Read More Here

Oil & Gas Mining in DRC

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

January 11, 2023January 11, 2023 Constance

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