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Category: Oil & Gas

DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023 1 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 2 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 3 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 4 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 5 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
Zambia's Energy Regulation Board Explains Fuel Stock Outs 6 Mining in Zambia Oil & Gas Petroleum 

Zambia’s Energy Regulation Board Explains Fuel Stock Outs

Constance
The Energy Regulation Board -ERB- has attributed fuel outages at selected filling stations in the country to logistical challenges by Oil Marketing Companies -OMCs- that operate the retail sites. The ERB notes that it has received reports from OMCs who have had import challenges related to the scarcity of foreign exchange on the market coupled with the depreciation of the Kwacha against the dollar especially in the last six months. ERB Manager – Public Relations NAMUKOLO KASUMPA however says the situation is expected to improve as the Kwacha appreciates against… Read More Here
Angola and the DRC to Ink Block 14 Agreement on July 13 7 Mining in DRC Oil & Gas Partnership 

Angola and the DRC to Ink Block 14 Agreement on July 13

Constance
The Democratic Republic of the Congo’s Hydrocarbons Minister Didier Budimbu and his Angolan counterpart Diamantino Pedro Azevedo have agreed to sign the Memorandum of Understanding (MoU) for the development of Block 14 on July 13 in Kinshasa. The signing of the MoU will formalize the Block’s ownership, with the DRC and Angola set to take a 30% share while global energy major – and operator of the block – Chevron will own a 40% stake, and follows a series of meetings held between the two countries. The signing date was agreed upon during… Read More Here
Invictus Energy Looks to Divest in Zimbabwe Oil and Gas Project 8 International Oil & Gas 

Invictus Energy Looks to Divest in Zimbabwe Oil and Gas Project

Constance
Independent upstream oil and gas company Invictus Energy is mulling divestment in its Zimbabwean oil and gas project. The decision is contingent to confirmation of commercially viable discoveries at the company’s Mukuyu-2 exploration well, situated in the Cabora Bassa basin in northern Zimbabwe, which Invictus Energy will start drilling during Q3 2023. The second phase of the Cabora Bassa project is poised to ascertain the profitability and viability of the resources in the basin. Pending positive results from the appraisal program, the company intends to bring in new partners to further develop… Read More Here
Zimbabwe Looks to South Sudan Ahead of Domestic Discoveries 9 International Oil & Gas 

Zimbabwe Looks to South Sudan Ahead of Domestic Discoveries

Constance
Zimbabwe’s Deputy Minister of Energy and Power Development, Hon. Magna Mudyiwa, stated at the South Sudan Oil & Power (SSOP) conference in Juba last week that Zimbabwe is looking to South Sudan for support ahead of sizable oil and gas finds expected in the southern African country.  An in-country exploration campaign is currently underway in Zimbabwe and has revealed encouraging results. According to Hon. Minister Mudyiwa, the country is “inching closer to making a discovery, which will open a new chapter for Zimbabwe, as we will join other producing countries in the… Read More Here
DRC Suffers Nearly $1 Billion in Damages from Oil and Gas Block Dispute 10 Mining in DRC Oil & Gas 

DRC Suffers Nearly $1 Billion in Damages from Oil and Gas Block Dispute

Constance
The Congo is not for sale (CNPAV) coalition denounced, during its recent press conference, the attitude of the Minister of Hydrocarbons Didier Budimbu, whom it accuses of maintaining opacity in the process of selecting operators for some oil blocks. Received in the “Transparency” column of ACTUALITE.CD, Lewis Yola, expert in downstream oil and in the negotiation of oil contracts, member of the CNPAV, estimates the losses incurred by the DRC at 1 billion USD if the opacity which characterizes the process allocation and negotiations of oil and gas blocks is… Read More Here

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