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Category: Oil & Gas

Trident OGX Congo Secures $300 Million Financing for MKB II Oilfields Expansion 1 Mining in DRC Oil & Gas 

Trident OGX Congo Secures $300 Million Financing for MKB II Oilfields Expansion

Constance
Oil and gas firm Trident OGX Congo has successfully obtained a $300 million financing facility from the pan-African multilateral financing institution, the African Export-Import Bank (Afreximbank). This funding will support the expansion of production activities in the Mengo-Kundji-Bindi II (MKB II) oilfields located in the Republic of the Congo. The allocated capital will play a pivotal role in partially funding a comprehensive seven-year development program within the MKB II permit area. This strategic initiative will enable Trident OGX Congo to boost its production capabilities while simultaneously creating employment opportunities. Upon… Read More Here
DRC Signs 'Production Sharing' Agreement for Lake Kivu Gas Blocks 2 Mining in DRC Oil & Gas Partnership 

DRC Signs ‘Production Sharing’ Agreement for Lake Kivu Gas Blocks

Constance
The government represented by the Ministers of Hydrocarbons Didier Budimbu, that of Finance Nicolas Kazadi and the companies (Winds Exploration and Production and Alfajiri Energy) signed on Saturday September 9, 2023 in Kinshasa, the “production sharing” contract for the exploitation of two gas blocks from Lake Kivu open to exploration and production in the DRC.  A procedure which respected the rules was unanimously testified by the two companies concerned alongside the Société Nationale des Hydrocarbures (SONAHYDROC SA) representing the Congolese State and which will have an exclusive 20% of the… Read More Here
DRC Achieves 215.7 Billion CDF in Oil Revenue Mobilization by July 31, 2023 3 Mining in DRC Oil & Gas 

DRC Achieves 215.7 Billion CDF in Oil Revenue Mobilization by July 31, 2023

Constance
The oil revenues mobilized by the financial authorities of the Democratic Republic of Congo (DRC), as of July 31, 2023, are estimated at 215.7 billion Congolese Francs (CDF), i.e. nearly 106.7 million USD at the average budget rate of 2021 CDF for one US dollar. This is according to the public sector cash flow plan for the first two quarters of the 2023 budget year published by the Ministry of Finance on August 5, 2023. According to this document, the expected amount of oil revenue from producers was set at… Read More Here
Lake Kivu Gas Exploitation Hindered by Hydrocarbon Code's Silent Gas Tax Regime 4 Mining in DRC Oil & Gas 

Lake Kivu Gas Exploitation Hindered by Hydrocarbon Code’s Silent Gas Tax Regime

Constance
Lewis Yola, an expert in downstream oil and oil contract negotiations and a member of the “Congo N’est Pas à Vente” (CNPAV) coalition, believes that the lack of clarity in the hydrocarbon code regarding the tax regime specific to gas could create a deadlock in negotiations between the three companies and state representatives. This issue emerged after the Ministry of Hydrocarbons publicly announced, on January 13, 2023, the selection of three companies for the exploitation of three gas blocks in Lake Kivu. These companies include Symbion Power & Red (Makelele… Read More Here
Zambia Raises Petrol and Diesel Prices Amidst Oil Price Surge 5 Mining in Zambia Oil & Gas Petroleum 

Zambia Raises Petrol and Diesel Prices Amidst Oil Price Surge

Constance
The Zambia Energy Regulation Board (ERB) has implemented a significant increase in the prices of petrol and diesel, marking an average surge of 3 Kwacha 68 Ngwee. As a result, the cost of a liter of petrol will experience an uptick to 29 Kwacha 42 Ngwee from its previous price of 25 Kwacha 55 Ngwee, reflecting an increase of 3 Kwacha 85 Ngwee. Similarly, diesel prices will witness a rise of 3 Kwacha 52 Ngwee, leading to a new cost of 26 Kwacha 88 Ngwee per liter, up from 23… Read More Here
DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023 6 Mining in DRC Oil & Gas Petroleum 

DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023

Constance
The price of oil on international markets continues to improve week after week following the decision of the member countries of the Organization of the Petroleum Exporting Countries (OPEC). According to data from the Central Bank of Congo dated August 4, 2023, the price of a barrel of oil stood at 85.56 USD in the first week of August 2023. “As of August 3, 2023, the price of a barrel of oil stood at 85.56 USD, recording a weekly increase of 2.12% driven by the announcement by Saudi Arabia, the… Read More Here
DRC and Angola Finally Reach Agreement on Oil Exploitation After 16 Years 7 Angola Mining in DRC Oil & Gas Petroleum 

DRC and Angola Finally Reach Agreement on Oil Exploitation After 16 Years

Constance
An agreement on the exploitation of oil, in the maritime zone of common interest (ZIC), was signed last Thursday, July 13 between the Democratic Republic of Congo and the Republic of Angola in Kinshasa, capital of the Democratic Republic of Congo. By signing this agreement 16 years after the Memorandum of Understanding of July 30, 2007, the two Ministers of Hydrocarbons Didier Budimbu and his counterpart from Angola Diamantino Pedro Azevedo have given concrete form to the will of two Heads of State of their respective countries. “My thanks go… Read More Here
Angola and DRC Sign Historic Cooperation Agreement 8 Angola Mining in DRC Oil & Gas Partnership 

Angola and DRC Sign Historic Cooperation Agreement

Constance
Angola and the Democratic Republic of Congo (DRC) have signed a significant cooperation agreement for the exploration, production, and development of hydrocarbons in the Common Interest Zone located on their maritime border. The historic deal was signed on July 13th in Kinshasa by Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, and DRC’s Minister of Hydrocarbons, Didier Ntubanga. This agreement marks the culmination of almost two decades of negotiations between the two countries and establishes the terms and general principles for exploration activities, production sharing, and ownership of… Read More Here
Gasoline price increase doesn't deter illegal trade between DRC and Zambia 9 Oil & Gas Angola Mining in DRC Mining in Zambia Petroleum 

Gasoline price increase doesn’t deter illegal trade between DRC and Zambia

Constance
In an environment of expectations, the 9th National Production Banana Fair was opened yesterday 28th June in the locality of Panguila, municipality of Dande, with estimated transactions of 50 million kwanzas expected, thanks to the high flow of suppliers and buyers, as well as an abundant supply of agro-industrial products. The rise in the price of gasoline, from 160 kwanzas to 300 kwanzas (0.39 dollars), is not inhibiting the fuel smuggling business, in the province of Zaire, to the DRC and Zambia, where the liter is being sold at 1.50… Read More Here
Eni Sells Congolese Oil Portfolio to Perenco in $300M Deal 10 Mining in DRC Oil & Gas Petroleum 

Eni Sells Congolese Oil Portfolio to Perenco in $300M Deal

Constance
Italian global oil and gas major Eni has announced the sale of its oil assets in the Republic of Congo to independent Anglo-French hydrocarbons firm Perenco in a $300 million deal. The oil assets include Eni’s operations and interest in various exploration and production permits in the central African country. The focus is on developing gas resources to ensure energy security, environmental sustainability, and global impact, according to a press release. The deal comes at a time when Eni is developing infrastructure for the Congo liquefied Natural Gas (LNG) project which… Read More Here

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