Category: Oil & Gas

On Thursday, November 14, 2024, Minister of Hydrocarbons Aimé Molendo Sakombi provided an in-depth analysis of the Congolese oil sector at the Hilton Hotel, during the Hydrocarbons House event, held alongside the tenth edition of the Makutano Forum. While the Democratic Republic of Congo (DRC) is often called a “geological scandal” due to its vast natural resources, its oil production is currently limited to a mere 20,000 barrels per day—a stark contrast to the country’s potential. Minister Sakombi emphasized that key regions like the Central Basin, the Albertine Graben, and… Read More Here

A new era is emerging for Maniema Province following a significant development on Monday, October 21. Oil companies and the provincial government signed a historic memorandum of understanding to establish a conventional tax on petroleum products. This tax, set at 300 Congolese francs per liter, aims to fund ambitious projects to improve the province’s infrastructure. The revenue generated from this tax will be allocated to road infrastructure projects, enhance public services, and stimulate the local economy. The decision, reached after extensive negotiations, was met with enthusiasm from all stakeholders. During… Read More Here

The price of fuel in the Democratic Republic of Congo’s (DRC) West zone has seen a significant reduction, with gasoline dropping from 3,340 to 2,990.49 Congolese francs per liter, a 13% decrease. Similarly, diesel prices have fallen from 3,435 to 2,979.73 Congolese francs per liter, also marking a 13% reduction. This price cut follows the orders signed on Wednesday, October 2, by Daniel Mukoko Samba, the Vice Prime Minister and Minister of the National Economy. According to a statement from the Ministry of National Economy, the government is closely monitoring… Read More Here

The price of a barrel of oil, a key export for the Democratic Republic of Congo (DRC), saw a 2.91% increase, trading at USD 74.52 during the week of September 13–20, 2024. This marks a notable rise from the previous week, as reported by the Central Bank of Congo (BCC). According to the BCC’s economic report, oil prices on the international market had earlier shown fluctuations, with the week of September 6–13, 2024, witnessing a slight 0.92% drop, bringing prices down to USD 72.41 per barrel. This is a 7.87%… Read More Here

Jean Jacques Purusi, Governor of South Kivu province, has implemented a ban on mining companies and other businesses importing petroleum products from foreign countries, including Rwanda. He is now requiring that all fuel be sourced from local oil companies to prevent revenue loss for the province. “Chinese mining companies and road construction firms have been refueling in Rwanda each year. This practice is now strictly forbidden; all fuel must be purchased within the province,” Governor Purusi announced at a meeting held on Sunday, September 8, at Concorde Stadium. The governor… Read More Here

Deputy Prime Minister and Minister of National Economy, Daniel Mukoko Samba, disclosed on Monday during a joint press conference with Minister of Communication and Media, Patrick Muyaya, that the Congolese government is heavily subsidizing petroleum product prices to keep them affordable for the population. “Currently, a liter of gasoline costs 3,475 Congolese francs and diesel 3,465 francs. However, when you purchase a liter of fuel, you’re only paying a fraction of its actual cost. The government covers the rest,” said Mukoko Samba. He explained that the subsidy ranges from 2,100… Read More Here