Category: Petroleum

Following Angola’s decision to exit the OPEC oil cartel, Nigeria and Congo have reaffirmed their commitment to the Saudi-led oil producer group, which has been actively seeking support for additional output cuts to boost prices. Africa’s biggest oil producers, Nigeria and Angola, were among several countries given lower output targets for 2024 after years of failing to meet the previous ones, Reuters reported. On Thursday, Angola announced its exit from OPEC, citing that the organization no longer served its interests. But Nigeria’s minister of state for petroleum Heineken Lokpobiri said… Read More Here

In a landmark development, Cabinda Gulf Oil Company Limited (CABGOC) has inked a consequential Production Sharing Agreement (PSA) to operate in the prized Block 14/23 concession, nestled within the Zone of Common Interest (ZIC) in the maritime expanse shared by Angola and the Democratic Republic of Congo (DRCongo). Under this monumental PSA, co-signed with the Governments of Angola and DRCongo, CABGOC, a subsidiary of Chevron operating in Angola, assumes the role of the primary operator, commanding a substantial 31 percent stake in the coveted block. Per an exclusive press release… Read More Here

In a swift response to the city’s petroleum supply concerns, Minister of Hydrocarbons Didier Budimbu convened an urgent meeting on November 29, 2023. The focus: ensuring uninterrupted distribution of petroleum products across Kinshasa. Budimbu rallied industry players, including representatives from the Ministries of Hydrocarbons, Finance, and the Presidency, alongside key companies in the supply chain. The urgency stemmed from the need to prevent speculation, particularly heightened during the ongoing electoral campaign. Clarifying the situation, Budimbu emphasized that the temporary disruption in Kinshasa did not equate to a shortage or storage… Read More Here

The Democratic Republic of Congo (DRC) would not experience a shortage of stocks of petroleum products although it depends on the international situation. These assurances were given by the Minister of Finance, Nicolas Kazadi, during a press briefing organized on Tuesday, November 28, 2023, at the initiative of his colleague from Communication and Media, Patrick Muyaya. According to Nicolas Kazadi, the Congolese Government has already made some shortfall payments to oil companies. Like last year, the cost of subsidizing petroleum products in the Democratic Republic of Congo is estimated at… Read More Here

For two days, there has been a new shortage of fuel in Lubumbashi, capital of the Haut-Katanga province, as well as the southern zone of the DRC.According to sources close to the matter, this deficiency in petroleum products is a result of the hardening of the distributors’ tone following the failure to respect the commitments made by the Government via the Minister of the National Economy. Oil companies say they are languishing under the weight of enormous losses and shortfalls that have not been reimbursed. The service stations operating in… Read More Here

The distribution of petroleum products should continue without interruption in the Western Zone of the Democratic Republic of Congo (DRC). These guarantees were given by the Congolese Prime Minister, Jean-Michel Sama Lukonde, at the end of a working session held on Tuesday, October 17, 2023, with the group of oil tankers. It was in the presence of the Ministers of Finance, Hydrocarbons, and representatives of the banks. The three parties harmonized views and clarified the situation prevailing in the oil sector, in particular the problem of payment of shortfall that the… Read More Here

The city of Lubumbashi, located in the Haut-Katanga province in the Democratic Republic of Congo, is facing a severe fuel crisis due to an ongoing strike initiated by players in the oil industry. In response to this tense situation, Deputy Prime Minister and Minister of the National Economy, Vital Kamerhe, led a government delegation to Lubumbashi on Saturday, September 30. The delegation included the Minister of Hydrocarbons, Didier Budimbu, and other senior officials. The primary objective of this mission is to assess the demands of oil sector operators in the… Read More Here