Oil & Gas - Copperbelt Katanga Mining

China is switching its investment focus in Africa from oil to minerals

April 28, 2021April 28, 2021 admin

Beijing has more options on where to source its crude these days, but is still reliant on Africa for its copper, cobalt and other rare minerals, analyst says A ‘substantial part of the Congolese mining sector … is now in Chinese hands’, report says China’s Foreign Minister Wang Yi is pictured with his Congolese counterpart Marie Tumba Nzeza in January. Photo: Xinhua The visit by Chinese Foreign Minister Wang Yi to the Democratic Republic of Congo (DRC) earlier this year was indicative of a shift in Beijing’s lending and investment focus for… Read More Here

Oil & Gas

Congo Nears Settlement of $619 Million Oil Arbitration Case

April 15, 2021April 15, 2021 admin

The Democratic Republic of Congo is considering settling a $619 million arbitration case by awarding a South African junior oil company almost half that amount in cash and new oil and mining permits. The settlement with DIG Oil Ltd. would resolve a 13-year dispute over oil licenses in the central African nation. The Johannesburg-based company won the award in 2018 at an arbitration court in France that found Congo failed to honor two production-sharing agreements approved by former President Joseph Kabila’s administration. The tentative settlement would have Congo pay DIG… Read More Here

Oil & Gas Energy

Barrick Updates Its Evolving Emissions Reduction Target

April 14, 2021April 14, 2021 admin

Barrick Gold Corporation’s ESG strategy delivered tangible results in 2020, including an update to its greenhouse gas emissions reduction target, said president and chief executive Mark Bristow in a virtual presentation to investors on sustainability today. The presentation was the first of its kind for Barrick and coincided with the publication of Barrick’s 2020 Sustainability Report. Bristow said the company’s ESG advances last year also included zero Class 1 environmental incidents1, a new record of 79% water recycling and re-use by its operations and the introduction of fully functional community development committees… Read More Here

Mining in DRC Oil & Gas

DRC: Government expects estimated revenues of USD 153.9 million from oil producers this year

February 12, 2021February 12, 2021 admin

The 2021 Budget provides for revenues of around 318,207,890,366 1 CDF (153.946 million USD at the average budget rate of 2067 FC / US dollar) to be drawn from oil producers in terms of taxes and other taxes owed to the State. . The General Directorate of Taxes (DGI) should collect this year from oil producing oil companies projected taxes of 148,504 140,221 CDF (71.845 million USD). As for the General Directorate of Administrative, State and Participation Revenue (DGRAD), it will have to collect non-tax revenue of CDF 169 703… Read More Here

Oil & Gas Mining in DRC

DRC: Greenpeace Africa denounces the sale of 19 oil blocks by the Congolese government

February 10, 2021February 10, 2021 admin

The international NGO Greenpeace Africa denounces the announcement made on January 29 by the Congolese Minister of Hydrocarbons Rubens Mikindo of the upcoming auction of nineteen oil blocks across the Democratic Republic of Congo. An announcement that comes less than two weeks after President Félix Tshisekedi posed as a great defender of the environment in an address by video conference at a summit organized by Emmanuel Macron in Paris. For Greenpeace Africa, the sale of 19 oil blocks by the Congolese government is an insult to the Congolese people and… Read More Here

Mining in DRC Oil & Gas

19 oil blocks identified across the country will be the subject of calls for tenders – DRC

February 2, 2021February 2, 2021 admin

The Minister of State, Minister of Hydrocarbons, Rubens Mikindo announced that he had identified nineteen oil blocks across the country and which will soon be the subject of calls for tenders. He said it on the sidelines of the Hydrocarbons scientific days held from January 28 to 29 in Kinshasa. “Thus, the review of the oil and gas heritage of the DRC enabled us to select a total of nineteen oil blocks which will soon be the subject of calls for tenders. These blocks are distributed as follows: nine blocks in the… Read More Here

Oil & Gas

Was 2020 really so bad for oil?

December 29, 2020December 29, 2020 admin

If ever a year needed a shot of glass-half-full attitude, it’s 2020. I got it recently from an oil executive. Conversation turned inevitably to the pandemic and 10 million barrels a day of oil consumption — one in ten — going *poof*. Against which they offered this: Despite epic disruption, we still used 90 million barrels a day of the stuff. How’s that for describing the worst drop in oil demand ever? They had reason to be cheerful, though. After spring’s sudden collapse, oil ends the year with renewed vigor. Brent crude is back above $50 a barrel, and energy stocks,… Read More Here

Mining in DRC Oil & Gas

7.249 million barrels of oil were produced at the end of October 2020 in DRC, up 6.91% compared to 2019

November 24, 2020November 24, 2020 admin

The oil industry in the Democratic Republic of the Congo produced 7 million 249,000 barrels of crude oil at the end of October 2020 against 6 million 780,000 barrels in the same period in 2019, an increase of 6.91%, according to Bank data. Central Congo The Democratic Republic of the Congo produced 8.162 million barrels of crude oil for the whole of 2019 compared to 8.393 million barrels in 2018 and 7.536 million barrels in 2017. Read More Here

Oil & Gas

Tough times for Africa’s upstream oil and gas

October 14, 2020October 14, 2020 admin

Getting upstream oil and gas projects off the ground in sub-Saharan Africa was challenging before the Covid-19 pandemic. Now the operating environment is even tougher, as the industry contends with labour restrictions, disrupted supply chains and the long-term impact on revenues and investment of the collapse in global demand for energy products. International oil companies that previously regarded the acquisition of new hydrocarbons reserves as a primary indicator of their corporate health are now touting the benefits of prudent investment in their existing oil and gas assets and diversification away… Read More Here

Mining in DRC Oil & Gas

Public Treasury received 65.8 million USD from oil producers in the first half of 2020- DRC

October 1, 2020October 1, 2020 admin

At the end of June 2020, the oil producers contributed to the Public Treasury with revenues of around 121.7 billion FC (65.819 million USD) against a linear forecast of 221.3 billion FC (119.686 million USD), i.e. an achievement rate of 55.0%, indicates the government in its report on the execution of the 2020 Budget in the first half of the year. These achievements include the tax share representing 38.3% for the Directorate General of Taxes (DGI) for IBP and the non-tax share of 61.7% collected by the Directorate General of… Read More Here