Oil & Gas - Copperbelt Katanga Mining

DRC Secures $123.5 Million Syndicated Loan to Repay Oil Company Subsidies 1

The Democratic Republic of Congo (DRC) has secured $123.5 million from a consortium of local banks, including Standard Bank, FirstBank RDC SA, Ecobank RDC, and Equity BCDC, to reimburse oil companies for fuel subsidies. This announcement was made jointly by the Ministers of Finance and the Economy, along with a press release from the participating banks. The syndication agreement, known as the “Club Deal,” represents a groundbreaking initiative in the Congolese financial sector and signals a significant milestone in its development. The funds raised will support the government’s efforts to… Read More Here

Congo Takes the Lead in Advancing Gas Initiatives

February 16, 2024February 22, 2024 Constance

The Republic of Congo is a mature hydrocarbon market with proven resources, including 1.8 billion barrels of oil reserves and 284 billion cubic meters of natural gas reserves. Despite this, the country’s on- and offshore territory remains underexplored and operators have been slow to add value to crude resources. However, a new gas monetization drive, coupled with several offshore exploration and development programs, presents investors with dynamic opportunities in gas processing and refining, LNG trade and infrastructure upgrades. The upcoming Invest in African Energy (IAE) 2024 forum, scheduled for May… Read More Here

Oil & Gas Economy Mining in Uganda

Uganda Harnesses Oil and Gas Resources for Economic Transformation

January 31, 2024January 31, 2024 Constance

Uganda is strategically positioning itself for economic growth by tapping into its rich oil and gas resources while simultaneously embracing a sustainable energy transition plan, as revealed by the Minister of Energy and Mineral Development, Ruth Nankabirwa Ssentamu. The ambitious 25-year plan anticipates a substantial economic boost, with $8.6 billion injected into Uganda’s GDP by 2025, fueled by revenues from oil and gas production. The “last in, last out” approach discussed at the 28th UN Climate Change Conference enables developing nations like Uganda to leverage their resources. This approach aligns… Read More Here

Mining in DRC Economy Oil & Gas Petroleum

Kinshasa Authorities Assure No Risk of Fuel Shortage in DRC

January 12, 2024January 12, 2024 Constance

The city of Kinshasa, capital of the Democratic Republic of Congo (DRC), will not experience a stock shortage of petroleum products despite the flooding of the Congo River. These assurances were given by the Ministry of the National Economy in response to rumors circulating on social networks suggesting a possible exhaustion of fuel stocks in Kinshasa. “From information obtained from SEP Congo officials, the rumor about the fuel stock shortage linked to the flooding of the Congo River is completely false. Consumers are advised to ignore this. », writes the… Read More Here

Oil & Gas Mining in DRC Petroleum

DRC and Nigeria Renew OPEC Commitment After Angola’s Departure

December 24, 2023December 24, 2023 Constance

Following Angola’s decision to exit the OPEC oil cartel, Nigeria and Congo have reaffirmed their commitment to the Saudi-led oil producer group, which has been actively seeking support for additional output cuts to boost prices. Africa’s biggest oil producers, Nigeria and Angola, were among several countries given lower output targets for 2024 after years of failing to meet the previous ones, Reuters reported. On Thursday, Angola announced its exit from OPEC, citing that the organization no longer served its interests. But Nigeria’s minister of state for petroleum Heineken Lokpobiri said… Read More Here

Mining in DRC Oil & Gas Petroleum

DRC and Angola Seal Oil Production Deal for Block 14/23 Concession

December 23, 2023December 23, 2023 Constance

In a landmark development, Cabinda Gulf Oil Company Limited (CABGOC) has inked a consequential Production Sharing Agreement (PSA) to operate in the prized Block 14/23 concession, nestled within the Zone of Common Interest (ZIC) in the maritime expanse shared by Angola and the Democratic Republic of Congo (DRCongo). Under this monumental PSA, co-signed with the Governments of Angola and DRCongo, CABGOC, a subsidiary of Chevron operating in Angola, assumes the role of the primary operator, commanding a substantial 31 percent stake in the coveted block. Per an exclusive press release… Read More Here

Mining in DRC Oil & Gas Petroleum

DRC Government Urges Oil Operators to Sustain Kinshasa Distribution

December 1, 2023December 1, 2023 Constance

In a swift response to the city’s petroleum supply concerns, Minister of Hydrocarbons Didier Budimbu convened an urgent meeting on November 29, 2023. The focus: ensuring uninterrupted distribution of petroleum products across Kinshasa. Budimbu rallied industry players, including representatives from the Ministries of Hydrocarbons, Finance, and the Presidency, alongside key companies in the supply chain. The urgency stemmed from the need to prevent speculation, particularly heightened during the ongoing electoral campaign. Clarifying the situation, Budimbu emphasized that the temporary disruption in Kinshasa did not equate to a shortage or storage… Read More Here

Mining in DRC Oil & Gas Petroleum

DRC Petroleum Product Subsidies to Hit $400M Mark in 2023

December 1, 2023December 1, 2023 Constance

The Democratic Republic of Congo (DRC) would not experience a shortage of stocks of petroleum products although it depends on the international situation. These assurances were given by the Minister of Finance, Nicolas Kazadi, during a press briefing organized on Tuesday, November 28, 2023, at the initiative of his colleague from Communication and Media, Patrick Muyaya. According to Nicolas Kazadi, the Congolese Government has already made some shortfall payments to oil companies. Like last year, the cost of subsidizing petroleum products in the Democratic Republic of Congo is estimated at… Read More Here

Mining in DRC Contracts & tenders Oil & Gas Petroleum

DRC Ministry of Hydrocarbons Defends Tender Process as Transparent, Impartial, and Competitive

November 6, 2023November 6, 2023 Constance

An investigation by the Bureau of Investigative Journalism and Reuters revealed on Thursday (November 2) that the bidding for oil and gas blocks in the Democratic Republic of Congo was tainted by apparent preferential treatment and secret deals. According to this investigation consulted by ACTUALITE.CD, a gas block was awarded to the Canadian company Alfajiri Energy Corporate even though it does not meet the prerequisites of the law regarding Hydrocarbons. In reaction, the Congolese government, through the Ministry of Hydrocarbons, believes that this investigation of people of “bad will” has… Read More Here

Oil & Gas Mining in DRC Natural gas

An investigation by Reuters and the TBIJ points to irregularities in the tender process for gas blocks in the DRC

November 5, 2023November 6, 2023 Arnie

The Reuters news agency and The Bureau of Investigative Journalism (TBIJ) published an investigation on Thursday last week about the award of a gas block to the Canadian start-up Alfajiri Energy Corporation even though it does not meet the prerequisites of the law. President Félix Tshisekedi, who is seeking re-election in December, has promised to rid the DRC of its reputation for opacity and for the first time, the ministry of hydrocarbons has organized a call for tenders for dozens of oil and gas blocks, some in environmentally sensitive areas. The… Read More Here