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Category: Oil & Gas

American Company Secures Tender for Electricity Production from Methane Gas in Lake Kivu, In DRC 1 Oil & Gas Electricity Mining in DRC Mining Supply Tenders 

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

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
UK’s $1.15 bln funding For Mozambique LNG Project lawful 2 Oil & Gas International 

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

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
Zambia To Source African-refined Oil 3 Oil & Gas Mining in Zambia 

Zambia To Source African-refined Oil

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
DRC's Oil Sector Expects To Generate More Than USD 305.8 Million In Revenue In 2023 4 Oil & Gas Mining in DRC 

DRC’s Oil Sector Expects To Generate More Than USD 305.8 Million In Revenue In 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
DRC Produces 1.783 Million Barrels Of Crude Oil As Of November 30, 2022 5 Oil & Gas 

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

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
Zambia Scraps 25% Import Tax On Gasoline, Petroleum Prices Expected To Fall Back At Year End & Beyond 6 Oil & Gas Mining in Zambia 

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

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
Independent Oil Companies In Africa Increasingly Becoming A Larger Presence in The Continent's Oil & Gas Industry 7 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 8 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 9 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 10 International Copper Oil & Gas 

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

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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

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