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Category: Oil & Gas

DRC's Oil industry yielded a meager USD 364.6 million From 2020 to 2021 1 Mining in DRC Oil & Gas 

DRC’s Oil industry yielded a meager USD 364.6 million From 2020 to 2021

Constance
Counted among the countries of the continent with an oil potential capable of revolutionizing its entire economic sector, the Democratic Republic of Congo (DRC) still does not attract great benefits from this sector. According to the Extractive Industries Transparency Initiative (EITI) report, between 2020 and 2021, the DRC’s oil sector brought in only USD 364.6 million to the public treasury. A modest sum that does not reflect the oil potential of the country estimated at more than 22 billion barrels of oil. The EITI document informs that in 2020, the Congolese… Read More Here
DRC and Angola nearing Agreement with Chevron for oil and gas block 14c 2 Oil & Gas Mining in DRC 

DRC and Angola nearing Agreement with Chevron for oil and gas block 14c

Constance
The Democratic Republic of Congo and Angola have been collaborating for several years to achieve the monetization of a maritime area of ​​common interest, considered rich in hydrocarbons.  The Congolese Minister of Hydrocarbons, Didier Budimbu Ntubuanga, announced on April 13, 2023 that a production sharing agreement is being negotiated. It engages the DRC, Angola and Chevron, the American oil company. The DRC and Angola share Block 14c, an oil perimeter known as of common interest located astride the territorial waters of two countries. The agreement sought in this agreement should allow the… Read More Here
Perenco Oil & Gas Environment Social Governance (ESG) Mining Policy 

Perenco under Investigation for Corruption in African Countries

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The French-British oil and gas company Perenco is the target of several preliminary investigations opened in France for corruption of foreign public officials, particularly in African countries where it operates, according to sources close to the investigation. As part of these procedures, the Parisian offices of the company were searched by investigators from the Central Office for the Fight against Financial and Fiscal Infractions (Oclciff), who are in charge of the investigations, these sources confirmed, corroborating information from Challenges. The sources, however, did not specify the number of investigations opened,… Read More Here
Machine Learning in the Oil and Gas Industry: ML Roles and Applications 3 Oil & Gas Equipment & Technology Technology & Innovation You got to know this 

Machine Learning in the Oil and Gas Industry: ML Roles and Applications

Constance
Machine learning (ML) is a technology that is having a critical impact on the oil and gas industry and is becoming an important technology for industry stakeholders. Here is where it is having an impact today, what ML applications are being used, and what the future holds. What Is Machine Learning? Machine learning is a branch of artificial intelligence (AI) in where computer systems are trained to receive large sets of data and derive a conclusion. This training can come in addition to or instead of manual programming. These intelligent machines… Read More Here
oil Mining in DRC Oil & Gas 

DRC’s Financial authorities collect CDF 69.5B from Oil Revenues as of March 3, 2023

Constance
The oil revenues mobilized by the financial authorities of the Democratic Republic of Congo (DRC), as of March 3, 2023, are estimated at 69.5 billion Congolese Francs CDF, or nearly 34 million USD. This is what the weekly digest of statistical information from the Central Bank of Congo (BCC) provides in its report dated March 8 of the current year. During the period under analysis, the Directorate General of Taxes (DGI) mobilized CDF 13,143.83 billion from oil revenues. In addition, the General Directorate of Administrative, Judicial, State and Participations Revenue… Read More Here
US Company Offers $400M to Prevent Abandonment of 27 DRC Oil Blocks 4 Mining in DRC Oil & Gas 

US Company Offers $400M to Prevent Abandonment of 27 DRC Oil Blocks

Constance
The auction of 27 oil blocks and three gas blocks by the Government of the Democratic Republic of Congo (DRC) continues to be the subject of disputes with several international bodies. Indeed, a financial technology company on biodiversity, based in New York and called “EQX Biome”, has said that it is ready to bet 400 million USD or (334 million pounds sterling) to transform the project of exploitation of 27 oil blocks in forest conservation projects. This information was reported by the British newspaper The Guardian a few weeks ago… Read More Here
OIl Oil & Gas Mining in DRC 

The barrel of Crude Oil traded at 85.5 USD in the last week of February 2023

Constance
In the last week of February 2023, the price of oil recorded a slight increase of 2.3% on a weekly basis. According to statistical data published by the Central Bank of Congo (BCC) in its monthly report on the summary of statistical information, a barrel of crude oil sold at 85.5 USD during this period. On the international market, specialists believe that despite the recent surge in prices, there is little chance that the price per barrel will rise quickly. The price of a barrel of Brent is distributed downwards… Read More Here
Works on TAZAMA Pipeline Connecting Tanzania & Zambia Almost Complete 5 Mining in Zambia Oil & Gas 

Works on TAZAMA Pipeline Connecting Tanzania & Zambia Almost Complete

Constance
The conversion of the TAZAMA pipeline from being a conduit of commingled feedstock into one carrying finished product is expected to be completed by Saturday next week. Energy Minister, PETER KAPALA has confirmed in a statement saying works are so far at 90 percent. Mr. KAPALA said all the crude oil, which was in the pipeline, from the time Indeni Refinery was shut down in April 2021, has been removed, stored and is ready to be refined. He explained that the crude oil is estimated to be 80 million litres… Read More Here
Pumangol Invests more than 12 million dollars to build New assets 6 Oil & Gas International 

Pumangol Invests more than 12 million dollars to build New assets

Constance
The Angolan company that distributes fuel and oil derivatives Pumangol, in partnership with Sonangol, will invest, in the near future, more than US$12 million in the construction of three new filling stations in Luanda and in another province to be announced in brief. The information was provided by the director of Logistics and responsible for the Aviation and Bitumen segment of the said company, Óscar Sequesseque, on the sidelines of the inauguration ceremony of the company’s 80th fueling station, located on Avenida Comandante Van-Dúnem Loy, by the Secretary of State Jânio… Read More Here
Zambia's New Dawn Govt Affirms no plan to Revert Fuel Price adjustments 7 Mining in Zambia Energy Oil & Gas 

Zambia’s New Dawn Govt Affirms no plan to Revert Fuel Price adjustments

Constance
In response to sensational media reports, the New Dawn Government has to clarified that they have no plans to revert to previous methods of adjusting fuel prices after several months. Such a system makes it difficult to manage debts owed to oil marketing companies and does not result in cost-reflective pump prices. The Minister of Energy, Hon. Eng. Peter Chibwe Kapala, stated that in recent media interviews, his office did not indicate a return to the quarterly review system. The government plans to continue with monthly reviews to ensure consumers… Read More Here

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