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Category: Oil & Gas

Independent Oil Companies In Africa Increasingly Becoming A Larger Presence in The Continent's Oil & Gas Industry 1 International Oil & Gas 

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

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
New Model Allows For balancing Rare Plant Protection, Mine Development 2 Copper International Oil & Gas 

New Model Allows For balancing Rare Plant Protection, Mine Development

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
Germany pushes back on Putin’s ‘blackmail’ with gas terminal 3 Energy International Oil & Gas 

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

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
Goldman says commodities will gain 43% in 2023 as supply shortages bite 4 International Copper Oil & Gas 

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

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
DRC Finance Minister to budget for disbursement of oil royalties to Kongo Central starting 2023 5 Oil & Gas Mining in DRC 

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

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
DRC's oil companies produced 7.8 million barrels by the end of November 2022 (BCC) 6 Oil & Gas Mining in DRC 

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

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
DRC Tshisekedi Oil & Gas Natural gas 

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

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
Mozambique Commences LNG exports to Europe 7 Oil & Gas International 

Mozambique Commences LNG exports to Europe

Copperbelt Katanga News
Mozambique reportedly has the capacity to become one of the world’s 10 biggest suppliers of the fuel. Mozambique has made its first liquefied natural gas (LNG) shipment, the country’s president announced on Sunday. The first batch of LNG produced at the country’s offshore Coral Sul facility has left Mozambique territorial waters, Filipe Nyusi said. “Today, Mozambique enters the annals of world history as one of the exporting countries of LNG,” Nyusi said in a video statement, as cited by AFP news agency. The plant is managed by Italian company Eni,… Read More Here
Perenco Oil & Gas Environment Social Governance (ESG) Mining in DRC 

The oil tanker Perenco sued in Paris for “ecological damage” in the DRC

arnbethnic
The oil company Perenco was sued on Wednesday in Paris by two French NGOs, who want to see the French group condemned to repair the environmental damage of its drilling in the Democratic Republic of Congo. Friends of the Earth and Sherpa announced in a press release that they had summoned “the French company Perenco SA before the Paris court, because of the ecological damage that would be caused by the group’s activities in the DRC”. The two associations “intend to obtain recognition of civil liability” from the company and… Read More Here
4.3 million barrels of oil produced in the DRC by the oil industry in 8 months 8 Oil & Gas Mining in DRC 

4.3 million barrels of oil produced in the DRC by the oil industry in 8 months

arnbethnic
The oil industry based in the Democratic Republic of the Congo produced 4.394 million barrels of oil in the first 8 months of 2022 compared to 4.852 million barrels in the same period in 2021, informs the data taken from the Digest of information October 2022 statistics from the Central Bank of Congo. For the whole of 2021, the Democratic Republic of the Congo had produced 8.455 million barrels of oil. Perenco is currently the only oil company operating in the Democratic Republic of Congo. In July 2022, the Congolese Government… Read More Here

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