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Category: Oil & Gas

DRC Central Bank Reports Price Increases in Oil, Copper, and Gold Amid Global Uncertainties 1 Mining in DRC Copper Gold Oil & Gas 

DRC Central Bank Reports Price Increases in Oil, Copper, and Gold Amid Global Uncertainties

Constance
The Central Bank of Congo’s observation barometer reported that as of August 14, 2024, the price of oil increased by 2.07% on a weekly basis, reaching USD 79.98 per barrel. This rise was driven by concerns over potential conflict in the Middle East between Israel and Iran, along with a sharp drop in U.S. commercial crude reserves by approximately 5.2 million barrels. Since December 2023, the oil price has risen by 2.71%. Copper prices surged by 3.12%, reaching USD 9,077.00 per ton, influenced by a strike at Chile’s Escondida mine,… Read More Here
DRC Govt's Fuel Subsidies Keep Prices Low but Rack Up Significant Debt 2 Mining in DRC Oil & Gas Petroleum 

DRC Govt’s Fuel Subsidies Keep Prices Low but Rack Up Significant Debt

Constance
Deputy Prime Minister and Minister of National Economy, Daniel Mukoko Samba, disclosed on Monday during a joint press conference with Minister of Communication and Media, Patrick Muyaya, that the Congolese government is heavily subsidizing petroleum product prices to keep them affordable for the population. “Currently, a liter of gasoline costs 3,475 Congolese francs and diesel 3,465 francs. However, when you purchase a liter of fuel, you’re only paying a fraction of its actual cost. The government covers the rest,” said Mukoko Samba. He explained that the subsidy ranges from 2,100… Read More Here
President Tshisekedi Urges Fuel Price Reduction Amid Rising Costs 3 Mining in DRC Oil & Gas Petroleum 

President Tshisekedi Urges Fuel Price Reduction Amid Rising Costs

Constance
During the eighth meeting of the Council of Ministers, President Félix Tshisekedi called for urgent measures to lower fuel prices in the Democratic Republic of Congo (DRC). He highlighted potential opportunities within the current petroleum pricing structure that could lead to reduced costs at the pump for consumers. President Tshisekedi emphasized the need to reassess the average border price (PMF), logistics and operational costs, and various taxation elements. He instructed the Vice Prime Minister, the Minister of National Economy, the Minister of Hydrocarbons, and the Minister of Finance to evaluate… Read More Here
Zambia Turns to Angola for Fuel Imports to Ensure Supply Stability 4 Mining in Zambia Oil & Gas Petroleum 

Zambia Turns to Angola for Fuel Imports to Ensure Supply Stability

Constance
Zambia is actively considering the importation of fuel from Angola to secure a consistent supply within the country. Rodney Kalota, Director of Petroleum at the Ministry of Energy, announced this development, highlighting the government’s commitment to ensuring a stable fuel supply. Speaking at the Zambia Chamber of Commerce and Industry’s (ZACCI) Energy Breakfast Meeting in Lusaka, Kalota stated, “The government is committed to exploring various measures to ensure a constant fuel supply in the country.” Kalota also reaffirmed the Ministry of Energy’s dedication to President Hichilema’s directive to stabilize fuel… Read More Here
DRC Tackles Mining and Oil Sector Fraud to Boost Public Revenue 5 Mining in DRC Economy Oil & Gas 

DRC Tackles Mining and Oil Sector Fraud to Boost Public Revenue

Constance
In the Democratic Republic of Congo (DRC), the mining and oil sector continues to grapple with widespread fraud, undermining the country’s economic development. On Thursday, July 17, 2024, Prime Minister Judith Suminwa Tuluka chaired a meeting of the Economic Situation Committee. Following the session, Daniel Mukolo Samba, Minister of National Economy, announced that measures are being considered to enhance public revenue. The committee identified fraud as a significant issue, involving the undervaluation of both mining and petroleum products leaving the country. “We are considering measures to address these fraudulent practices… Read More Here
Zambia Approves K2.46 Billion Investment in Energy Sector 6 Mining in Zambia Energy Oil & Gas 

Zambia Approves K2.46 Billion Investment in Energy Sector

Constance
The Energy Regulation Board (ERB) in Zambia has approved thirty-four license applications and five construction permits within the renewable energy and petroleum sub-sectors. These approvals, totaling an investment of K2.46 billion (US$98.4 million), were granted during the July licensing committee meeting. ERB Public Relations Manager Namukolo Kasumpa announced that thirty-five applications were reviewed, with one license application being rejected due to non-compliance with safety standards and regulations. “The stringent licensing process demonstrates the Board’s commitment to promoting investment and growth in the energy sector while maintaining strict adherence to safe… Read More Here
DRC Govt Seeks Bank Financing to Address Critical Petroleum Supply Shortages 7 Mining in DRC Oil & Gas 

DRC Govt Seeks Bank Financing to Address Critical Petroleum Supply Shortages

Constance
The Democratic Republic of Congo (DRC) continues to face significant challenges in resupplying petroleum products, posing a major headache for the government. During the 5th meeting of the Council of Ministers on Friday, July 12, 2024, VPM and Minister of National Economy Daniel Mukoko Samba revealed that oil companies are threatened by stock shortages. He requested government authorization to conduct a second drawing with commercial banks to mitigate the potential harm to the Congolese population. “The information in his possession indicates that the stock level of petroleum products of commercial… Read More Here
DRC's Oil and Gas Exploitation Faces Backlash Amid Global Shift to Renewable Energy 8 Mining in DRC Energy Oil & Gas 

DRC’s Oil and Gas Exploitation Faces Backlash Amid Global Shift to Renewable Energy

Constance
As the world transitions from fossil fuels to renewable energy, the Democratic Republic of Congo (DRC) has launched a project to exploit its oil and gas blocks, initiating calls for tender since July 2023. Despite committing to global environmental standards, this move has sparked controversy. According to environmental organizations, activating these oil and gas blocks contradicts the DRC’s agreement to protect the Congo Basin tropical forest, an agreement that secured $500 million in international investments over the first five years. Congolese authorities maintain that all international recommendations to limit climate… Read More Here
Stalled Oil and Gas Projects in the DRC Raise Concerns 9 Mining in DRC Oil & Gas 

Stalled Oil and Gas Projects in the DRC Raise Concerns

Constance
Two years after launching tenders for oil and gas block exploitation, the Democratic Republic of Congo (DRC) faces significant questions about the project’s effectiveness. Despite its commitment to developing its oil and gas sectors, the country currently produces only 20,000 barrels of oil per day, ranking 70th globally, far behind neighboring Angola, South Sudan, and Congo Brazzaville. The project, announced on July 28, 2022, in Kinshasa, has yet to commence. The initiative, led by then-Prime Minister Sama Lukonde, aimed to develop the areas surrounding the oil and gas blocks, exercising… Read More Here
Perenco Denies Environmental Damage Amid Criticism of Oil Exploitation in Moanda 10 Mining in DRC Oil & Gas 

Perenco Denies Environmental Damage Amid Criticism of Oil Exploitation in Moanda

Constance
Facing criticism over the environmental impact of its oil operations in Moanda, Kongo-Central province, the Franco-British company Perenco firmly denies any involvement in environmental degradation. In a consultative meeting in Moanda with Kongo Central national deputies and various civil society groups, Minister of Hydrocarbons Molendo Sakombi, and Arthur Gueriot, general director of Perenco in the DRC, addressed the accusations. Gueriot insisted that Perenco operates in compliance with current environmental standards and is regularly inspected by both national and international organizations. According to Gueriot, the allegations of environmental harm are baseless… Read More Here

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