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Category: Oil & Gas

Brent crude oil prices raise concerns 1 International Oil & Gas 

Brent crude oil prices raise concerns

Constance
The slight rise in the price of oil on international markets, driven in particular by the desire of Saudi Arabia, the second largest oil producer in the world behind the United States of America, to reduce its daily production by nearly one million barrels per day, raises concerns about the future of black gold prices. This Tuesday, June 7, 2023, the barrel of Brent crude oil is trading at 78.73 USD against 71 USD at the end of last week on the Inter Continental Exchange (ICE), the stock exchange specializing… Read More Here
Sonangol and China's CNCEC Forge MoU for Lobito Refinery 2 Oil & Gas Petroleum 

Sonangol and China’s CNCEC Forge MoU for Lobito Refinery

Constance
Angola’s national oil company (NOC) Sonangol signed a Memorandum of Understanding (MoU) with China National Chemical Engineering (CNCEC) in Beijing for the construction of the Lobito Refinery. The MoU will see the parties raise the required financing for the project and could potentially lead to a contract for the construction of this important infrastructure by the Chinese company. The MoU was signed by Sonangol Chairman Gaspar Martins, on behalf of the NOC, on June 6 in the Chinese capital Beijing, and in the presence of the Minister of Mineral Resources, Oil and… Read More Here
Angola and DRC to Become Joint Holders of Offshore Block 14 3 Mining in DRC Oil & Gas 

Angola and DRC to Become Joint Holders of Offshore Block 14

Constance
The Democratic Republic of the Congo (DRC) is in the process of finalizing an agreement with Angola and oil and gas major Chevron, concerning offshore Block 14, which was previously a subject of dispute. Under the agreement, both countries would become joint holders of the block. “We are due to meet again very soon, and things can move very quickly,” stated the DRC’s Minister of Hydrocarbons Didier Budimbu Ntubuanga, adding that conversations were still ongoing with regards to further blocks that cross both nations’ borders on the Atlantic coast. According to Minister Ntubuanga, and under… Read More Here
CNPAVa a Congolese NGO Condemns Minister of Hydrocarbons for Illicit Oil and Gas Deals 4 Mining in DRC Mining Policy Oil & Gas 

CNPAVa a Congolese NGO Condemns Minister of Hydrocarbons for Illicit Oil and Gas Deals

Constance
The Congo N’est Pas à Vendre (CNPAV) coalition has strongly criticized Minister of Hydrocarbons, Didier Budimbu, accusing him of maintaining a lack of transparency in the selection process for certain oil blocks. These concerns were expressed during a press conference held in Kinshasa on Friday, June 2. In response, the CNPAV has called on the government to prioritize complete transparency to prevent costly errors that have significant financial implications for the country due to opaque practices. Congo Not For Sale has identified four (4) irregularities in the process of awarding… Read More Here
OIl Mining in Zambia Oil & Gas Petroleum 

Zambia’s Energy Regulation Board Issues Warning Against Petroleum Product Hoarding

Constance
The Energy Regulation Board (ERB) in Zambia has issued a stern warning to Oil Marketing Companies (OMCs) and Petroleum Retail Dealers regarding the deliberate withholding of petroleum product sales, particularly in the days leading up to the monthly pricing review announcement. The caution comes in response to reports of alleged stock shortages at certain filling stations prior to the ERB’s price review announcement. Namukolo Kasumpa, the ERB Public Relations Manager, emphasized that this practice constitutes hoarding, which is strictly prohibited under the conditions of the Licence to Retail Petroleum Products.… Read More Here
Civil society opposes exploitation of Congolese oil and gas blocks in energy transition 5 Mining in DRC Oil & Gas 

Civil society opposes exploitation of Congolese oil and gas blocks in energy transition

Constance
Several civil society organizations in the Democratic Republic of Congo (DRC) are taking a firm stand on environmental issues and sustainable development. In a recent development on Tuesday, May 29, these organizations signed a memorandum addressed to President Félix Tshisekedi, urging him to reconsider the exploitation of Congolese oil and gas blocks. The memorandum, supported by scientific studies and reports, highlights the negative implications of such exploitation. The global shift towards renewable energy in the energy transition calls for a departure from polluting energy sources. Consequently, the DRC’s engagement in… Read More Here
Perenco Inaugurates New Production and Training Platform offshore DRC 6 Mining in DRC Oil & Gas 

Perenco Inaugurates New Production and Training Platform offshore DRC

Constance
Independent Anglo-French oil and gas company Perenco has inaugurated a new  offshore platfrom, named Magisus in Muanda in the Democratic Republic of Congo. The offshore facility, which was launched by H.E Didier Budimbu, Minister of Hydrocarbons, DRC and Wivine Moleka, Deputy Minister of Hydrocarbons, DRC will be leveraged by Perenco to increase oil production by enabling the independent to connect new wells drilled in 2023 and 2024.  The facility’s gas compression capabilities will help Perenco to avoid gas flaring in oil and gas production and reduce carbon footprint by avoiding 120,000 tons… Read More Here
DRC in Talks with Uganda on Using Planned Oil Pipeline for Export 7 Oil & Gas Mining in DRC Petroleum 

DRC in Talks with Uganda on Using Planned Oil Pipeline for Export

Constance
The Democratic Republic of Congo has commenced discussions with neighbouring Uganda for possible use of the East African country’s planned crude oil pipeline to export petroleum, DRC’s hydrocarbons ministry said. Uganda is developing the $3.5bn 1,445km (898-mile) East African Crude Oil Pipeline (EACOP) that will start from oil fields in its Albertine rift basin on its western border with DRC to Tanzania’s Indian Ocean seaport of Tanga. The controversial pipeline is for transporting Uganda’s crude to international markets when it starts production in 2025. The DRC Ministry of Hydrocarbons said in a… Read More Here
TotalEnergies may resume gas project in Mozambique 8 Oil & Gas International 

TotalEnergies may resume gas project in Mozambique

Constance
The conditions have been met to allow TotalEnergies to resume its natural gas exploration project in the country, suspended since 2021, following a major jihadist attack, Mozambican President Filipe Nyusi assured last week. At the end of March 2021, a coordinated attack on the coastal city of Palma forced the French group to suspend a €16.5 billion natural gas development project. Facilities still under construction on the Afungi peninsula were evacuated. “Cooperation and coordination with Total is very good. The working environment is conducive for the company to resume operations at… Read More Here
DRC announces the submission deadlines for the call for tenders for 3 oil blocks 9 Oil & Gas Mining in DRC Mining Supply Tenders 

DRC announces the submission deadlines for the call for tenders for 3 oil blocks

arnbethnic
In a press release dated Wednesday April 19, 2023, the Ministry of Hydrocarbons announced the deadlines for submitting applications for the call for tenders on the 3 oil blocks in the Basin Coastal, as well as those opening the folds of the latter. According to this press release, the different dates related to the end of receipt of applications and the opening of bids are as follows: • NGANZI BLOCK – Deadline for submission: Friday, April 21, 2023; – Opening of bids: Monday, April 24, 2023. • YEMA II BLOCK… Read More Here

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