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Category: Petroleum

DRC Oil Prices Rise 2.91% Amid Commodity Fluctuations 1 Mining in DRC Oil & Gas Petroleum 

DRC Oil Prices Rise 2.91% Amid Commodity Fluctuations

Constance
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
South Kivu Governor Bans Import of Fuel to Boost Local Revenue 2 Mining in DRC Oil & Gas Petroleum 

South Kivu Governor Bans Import of Fuel to Boost Local Revenue

Constance
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
DRC Govt's Fuel Subsidies Keep Prices Low but Rack Up Significant Debt 3 Mining in DRC Oil & Gas Petroleum 

DRC Govt’s Fuel Subsidies Keep Prices Low but Rack Up Significant Debt

Constance
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
President Tshisekedi Urges Fuel Price Reduction Amid Rising Costs 4 Mining in DRC Oil & Gas Petroleum 

President Tshisekedi Urges Fuel Price Reduction Amid Rising Costs

Constance
During the eighth meeting of the Council of Ministers, President Félix Tshisekedi called for urgent measures to lower fuel prices in the Democratic Republic of Congo (DRC). He highlighted potential opportunities within the current petroleum pricing structure that could lead to reduced costs at the pump for consumers. President Tshisekedi emphasized the need to reassess the average border price (PMF), logistics and operational costs, and various taxation elements. He instructed the Vice Prime Minister, the Minister of National Economy, the Minister of Hydrocarbons, and the Minister of Finance to evaluate… Read More Here
Zambia Turns to Angola for Fuel Imports to Ensure Supply Stability 5 Mining in Zambia Oil & Gas Petroleum 

Zambia Turns to Angola for Fuel Imports to Ensure Supply Stability

Constance
Zambia is actively considering the importation of fuel from Angola to secure a consistent supply within the country. Rodney Kalota, Director of Petroleum at the Ministry of Energy, announced this development, highlighting the government’s commitment to ensuring a stable fuel supply. Speaking at the Zambia Chamber of Commerce and Industry’s (ZACCI) Energy Breakfast Meeting in Lusaka, Kalota stated, “The government is committed to exploring various measures to ensure a constant fuel supply in the country.” Kalota also reaffirmed the Ministry of Energy’s dedication to President Hichilema’s directive to stabilize fuel… Read More Here
President Bassirou Diomaye Faye Celebrates Senegal's First Oil Production 6 International Oil & Gas Petroleum 

President Bassirou Diomaye Faye Celebrates Senegal’s First Oil Production

Constance
President Bassirou Diomaye Faye witnessed the production of Senegal’s first barrels of oil on the Sangomar platform, marking a historic milestone for the country in the global and African oil industries. Addressing the press, President Faye commended the dedication and efforts of those who believed in the potential of Senegal’s sedimentary basin and worked towards its development. He expressed immense pride in the young Senegalese professionals showcasing their expertise on the platform. “I reiterate my commitment and that of the government to the transparent and equitable management of our natural… Read More Here
Namibia Emerges as a New Frontier for Oil Production in Southern Africa 7 Oil & Gas International Petroleum 

Namibia Emerges as a New Frontier for Oil Production in Southern Africa

Constance
While most oil-producing African nations are located in the Western, Northern, and Central regions of the continent, the Southern and Eastern parts have largely been devoid of this valuable resource. Except for Angola, no Southern African nation has contributed significantly to the global oil market. However, recent discoveries suggest a potential shift, with Namibia poised to become a key player. A report by Reuters revealed that major oil conglomerates have been actively exploring Namibia’s oil potential in recent years. In 2023, the National Petroleum Company of Namibia (NAMCOR) announced the… Read More Here
Zambia Announces Stability in Fuel Supply and Progress on TAZAMA Pipeline Open Access Regime 8 Mining in Zambia Oil & Gas Petroleum 

Zambia Announces Stability in Fuel Supply and Progress on TAZAMA Pipeline Open Access Regime

Constance
Energy Permanent Secretary, Mr. Peter Mumba has provided key updates on the fuel situation in Zambia during a press briefing, emphasizing the country’s ample petroleum and diesel stocks, and urging the public to remain calm. Mr. Mumba highlighted the government’s ongoing efforts to implement an open access regime for the TAZAMA pipeline through a competitive bidding process, which is currently at the award stage.  He noted the importance of this development, particularly as 100% of petroleum products are delivered by road, while 80% of diesel is transported through the TAZAMA… Read More Here
ERB Suspends Exxon Petroleum Energy’s License Over Fraud Allegations 9 Mining in Zambia Oil & Gas Petroleum 

ERB Suspends Exxon Petroleum Energy’s License Over Fraud Allegations

Constance
The Energy Regulation Board (ERB) has suspended the operating license of Exxon Petroleum Energy Limited due to alleged fraudulent practices. The company, owned by Dr. Kafula Mubanga, President of the Oil Marketing Association of Zambia (OMCAZ), faces numerous lawsuits from various companies for failing to supply fuel. Recently, Judge Chilombo Maka ordered Dr. Mubanga to pay Luapula Energy Limited K3,506,195.90 for 52 tankers of petroleum products obtained on credit. Exxon Petroleum Energy Limited failed to clear the outstanding debt and did not defend itself in court. Attempts to recover the… Read More Here
Perenco's Subsidiary Discovers New Oil Reserve in DRC Coastal Basin 10 Mining in DRC Oil & Gas Petroleum 

Perenco’s Subsidiary Discovers New Oil Reserve in DRC Coastal Basin

Constance
In 2024, Perenco’s subsidiary achieved a significant milestone by drilling two exploration wells and discovering an oil reserve in the Moke-East well, situated between the Lukami and Motoba fields in the Democratic Republic of the Congo (DRC) coastal basin. The drilling operations were conducted using the Nuada, a self-elevating class 82 SD-C jack-up drilling rig owned by Dixstone. The well, expected to be completed in the coming weeks, encountered a 24-foot net oil-bearing column, and the discovery will undergo further testing. Frédéric Kiepferle, Perenco’s DRC General Manager, remarked: “Perenco’s offshore… Read More Here

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