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Category: Oil & Gas

An investigation by Reuters and the TBIJ points to irregularities in the tender process for gas blocks in the DRC 1 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

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
Lubumbashi plunges into new fuel shortage 2 Mining in DRC Oil & Gas Petroleum 

Lubumbashi plunges into new fuel shortage

Constance
For two days, there has been a new shortage of fuel in Lubumbashi, capital of the Haut-Katanga province, as well as the southern zone of the DRC.According to sources close to the matter, this deficiency in petroleum products is a result of the hardening of the distributors’ tone following the failure to respect the commitments made by the Government via the Minister of the National Economy. Oil companies say they are languishing under the weight of enormous losses and shortfalls that have not been reimbursed. The service stations operating in… Read More Here
DRC Govt rules out any risk of Fuel shortage in the Western zone 3 Mining in DRC Oil & Gas Petroleum 

DRC Govt rules out any risk of Fuel shortage in the Western zone

Constance
The distribution of petroleum products should continue without interruption in the Western Zone of the Democratic Republic of Congo (DRC). These guarantees were given by the Congolese Prime Minister, Jean-Michel Sama Lukonde, at the end of a working session held on Tuesday, October 17, 2023, with the group of oil tankers. It was in the presence of the Ministers of Finance, Hydrocarbons, and representatives of the banks. The three parties harmonized views and clarified the situation prevailing in the oil sector, in particular the problem of payment of shortfall that the… Read More Here
DRC Oil Companies Introduce "Quotas" in Response to Low Stock Levels 4 Mining in DRC Oil & Gas 

DRC Oil Companies Introduce “Quotas” in Response to Low Stock Levels

Constance
The distributors of petroleum products in the Democratic Republic of Congo (DRC), united within the Professional Group of Petroleum Product Distributors (GPDPP), announce the establishment as of Wednesday, October 18, 2023, of the application of a quota for allow the extension of petroleum product coverage for the low stocks still available. In a correspondence addressed to the Deputy Prime Minister, Minister of the National Economy, Vital Kamerhe, the GPDPP explains that this measure will be taken to avoid total asphyxiation. “ We will be forced to apply, from Wednesday October 18,… Read More Here
Deputy Prime Minister Visits Lubumbashi to Address Fuel Crisis 5 Mining in DRC Oil & Gas Petroleum 

Deputy Prime Minister Visits Lubumbashi to Address Fuel Crisis

Constance
The city of Lubumbashi, located in the Haut-Katanga province in the Democratic Republic of Congo, is facing a severe fuel crisis due to an ongoing strike initiated by players in the oil industry. In response to this tense situation, Deputy Prime Minister and Minister of the National Economy, Vital Kamerhe, led a government delegation to Lubumbashi on Saturday, September 30. The delegation included the Minister of Hydrocarbons, Didier Budimbu, and other senior officials. The primary objective of this mission is to assess the demands of oil sector operators in the… Read More Here
Trident OGX Congo Secures $300 Million Financing for MKB II Oilfields Expansion 6 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 7 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 8 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 9 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 10 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

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