Category: Petroleum

PetroAngola, under the leadership of Chairman Patrício Quingongo, is urging Angolan entrepreneurs to explore the potential business opportunities emerging from the Zone of Common Interest (ZIC) between Angola and the Democratic Republic of Congo (DRC). Quingongo believes that this initiative presents a unique chance for Angolan companies to spearhead significant segments of the oil market in the DRC. With a keen understanding of the Democratic Congo market, PetroAngola sees Angolans playing a pivotal role, leveraging their expertise and resources to tap into other lucrative regions within the DRC. This ambitious… Read More Here

Approximately 7,500 liters of fuel were confiscated last Saturday in Cabinda province by members of the first Border Guard Police Unit, suspected of being smuggled into the Democratic Republic of Congo (DRC). According to a press release from the Institutional Communication and Press Department of the Ministry of the Interior (MININT), the fuel seizure took place at the Tendequele Village Border Post during routine patrols near the land border with the DRC. The fuel, comprising diesel and gasoline, was discovered packed in 300 drums of 25 liters each inside a… Read More Here

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