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Category: Oil & Gas

The barrel of crude oil fell by around 8.7% as of June 23, 2022  1 International Oil & Gas 

The barrel of crude oil fell by around 8.7% as of June 23, 2022 

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As of June 23, 2022, the price of Brent crude oil per barrel was set at 109 US dollars on the international market against 115 USD a week earlier. This is what informs the weekly information note of the Central Bank of Congo on the evolution of commodity prices on the international market. According to the Congolese Central Bank, during the period mentioned, oil experienced a price drop of around 8.7%. According to the same source, this price drop was influenced by fears of sluggish growth combined with high inflation.… Read More Here
Exploitation of 16 oil blocks, Didier Budimbu requests involvement of heads of diplomatic missions accredited in the DRC 2 Mining in DRC Energy Oil & Gas 

Exploitation of 16 oil blocks, Didier Budimbu requests involvement of heads of diplomatic missions accredited in the DRC

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The Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), Didier Budimbu, invited the heads of diplomatic missions accredited in the DRC to invest in playing the bridge between investors from their respective countries and oil exploitation opportunities and gas that the country offers. The Congolese Minister of Hydrocarbons made this call during a business dinner organized by Monday, June 27, 2022 in Kinshasa. This ceremony was attended by several political personalities including senators and national deputies. The former Ministers of Hydrocarbons, notably Célestin Mbuyu, Rubens Mikindo, Musa Mondo… Read More Here
Zambia: Hope for Kabwe Lead Poisoning Victims 3 Mining in Zambia Oil & Gas 

Zambia: Hope for Kabwe Lead Poisoning Victims

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The Zambian government’s recent actions to address the toxic legacy of lead in Kabwe, in central Zambia, brings hope to affected communities, 15 Zambian and international nongovernmental organizations said today. In March 2022, Zambia’s President Hakainde Hichilema established a new technical committee to tackle extreme levels of lead pollution from a former mine and smelter in Kabwe, and to protect human health and the environment. The committee met for the first time on June 3 at the Ministry of Green Economy and the Environment and will propose a plan for a sustainable… Read More Here
Glencore unit pleads guilty to bribery in Africa 4 International Oil & Gas 

Glencore unit pleads guilty to bribery in Africa

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A British subsidiary of Glencore (LON: GLEN) formally pleaded guilty on Tuesday to the seven charges of bribery brought against the mining and commodities trader by the UK Serious Fraud Office (SFO), which relate to the firm’s oil operations in Africa. Glencore Energy confessed to paying $28 million in bribes to secure preferential access to oil, including increased cargoes, valuable grades of oil and preferable dates of delivery in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan. The company, which also admitted to generating illicit profits between 2011 and 2016, will be sentenced… Read More Here
Allocation of 16 oil and gas blocks from the DRC, Egypt expresses its interest 5 Mining in DRC Oil & Gas 

Allocation of 16 oil and gas blocks from the DRC, Egypt expresses its interest

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The opportunities related to the allocation of oil and gas blocks in the Democratic Republic of Congo (DRC) were the subject of discussions between the Congolese Minister of Hydrocarbons, Didier Budimbu, and the Egyptian Prime Minister, Moustapha Madbouli. It was on the sidelines of the 7th edition of the AFFCA in Cairo, Egypt. Their discussions indeed focused on the opportunities represented by the allocation of oil and gas blocks not only for the DRC but also for the African continent as a whole. Egypt, already present in the DRC through several… Read More Here
Didier Budimbu discusses with oil companies the need to set up a strategic reserve 6 Mining in DRC Oil & Gas 

Didier Budimbu discusses with oil companies the need to set up a strategic reserve

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The scarcity of petroleum products in the Democratic Republic of Congo (DRC) remains a topical issue that is of great concern to the country’s authorities. To this end, the Minister of Hydrocarbons, Didier Budimbu, organized an emergency meeting on Thursday, June 16, 2022 to inquire about the situation of the marketing and storage of fuels within oil companies. The heads of oil companies were invited to discuss the issue of the scarcity of oil products in the various service stations in Kinshasa while the products are available in the country.… Read More Here
EU Turns to Egypt in the Rush to Replace Russian Gas 7 International Oil & Gas 

EU Turns to Egypt in the Rush to Replace Russian Gas

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The European Commission has proposed a deal to accelerate natural gas imports from Egypt in a bid to reduce its reliance on Russian gas. With Egypt ramping up efforts to become a major liquefied natural gas (LNG) player through increased exploration, production and infrastructure build up and modernization, the north African country is well positioned to expand energy exports to Europe while addressing African energy demand. Egypt’s Emerging Gas Economy Owing to its strategic location in close proximity to European markets as well as its success as a gas exporter,… Read More Here
Congo’s Oil Block Sale Threatens Carbon Sinks, Forest Pact 8 Mining in DRC Oil & Gas 

Congo’s Oil Block Sale Threatens Carbon Sinks, Forest Pact

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The Democratic Republic of Congo’s plan to auction oil exploration blocks next month threatens to disrupt some of the world’s most important carbon sinks and could jeopardize a $500 million forest preservation agreement. Some of the blocks, estimated to contain 16 billion barrels of crude reserves, overlap with the biggest tropical peatlands that cover 145,000 square kilometers (56,000 square miles) and store about 30 billion tons of carbon — equivalent to about 82% of annual global carbon dioxide emissions. So-called carbon sinks help mitigate greenhouse-gas emissions from burning fossil fuels and… Read More Here
Glencore’s oil-price rigging puts spotlight back on benchmarks 9 Oil & Gas International 

Glencore’s oil-price rigging puts spotlight back on benchmarks

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Glencore’s settlement with US prosecutors has cast fresh light on manipulation of an under-the-radar part of the commodities world that’s crucial for valuing physical deals and derivatives. The raw-materials giant this week agreed to plead guilty to rigging fuel-oil assessment prices after probes into wide-ranging bribery and corruption. The process for setting the benchmarks involves price reporters polling traders in the market for bids, offers and transactions so that they can publish values on products that otherwise would remain private information. It’s a hugely important part of the industry. Billions… Read More Here
Auction on DRC oil blocks: Budimbu wants to forge an agreement with Zambia to facilitate operations 10 Mining in DRC Mining in Zambia Oil & Gas 

Auction on DRC oil blocks: Budimbu wants to forge an agreement with Zambia to facilitate operations

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The report on the official submission of data from the Tanganyika graben and the central basin as well as the valuation of methane gas from Lake Kivu was on the agenda of the 54th meeting of the Council of Ministers. This, with a view to the official launch of calls for tenders relating to the 16 oil blocks from July 28 to 29 of the current year. From the outset, the Minister of Hydrocarbons, Didier Budimbu, began his presentation by reminding the council that on Saturday May 14, 2022, the Prime… Read More Here

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