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Category: Petroleum

OIl Mining in DRC Oil & Gas Petroleum 

DRC Petroleum Product Subsidies to Hit $400M Mark in 2023

Constance
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
DRC Ministry of Hydrocarbons Defends Tender Process as Transparent, Impartial, and Competitive 1 Mining in DRC Contracts & tenders Oil & Gas Petroleum 

DRC Ministry of Hydrocarbons Defends Tender Process as Transparent, Impartial, and Competitive

Constance
An investigation by the Bureau of Investigative Journalism and Reuters revealed on Thursday (November 2) that the bidding for oil and gas blocks in the Democratic Republic of Congo was tainted by apparent preferential treatment and secret deals. According to this investigation consulted by ACTUALITE.CD, a gas block was awarded to the Canadian company Alfajiri Energy Corporate even though it does not meet the prerequisites of the law regarding Hydrocarbons. In reaction, the Congolese government, through the Ministry of Hydrocarbons, believes that this investigation of people of “bad will” has… Read More Here
Lubumbashi plunges into new fuel shortage 2 Mining in DRC Oil & Gas Petroleum 

Lubumbashi plunges into new fuel shortage

Constance
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
DRC Govt rules out any risk of Fuel shortage in the Western zone 3 Mining in DRC Oil & Gas Petroleum 

DRC Govt rules out any risk of Fuel shortage in the Western zone

Constance
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
Deputy Prime Minister Visits Lubumbashi to Address Fuel Crisis 4 Mining in DRC Oil & Gas Petroleum 

Deputy Prime Minister Visits Lubumbashi to Address Fuel Crisis

Constance
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
Zambia Raises Petrol and Diesel Prices Amidst Oil Price Surge 5 Mining in Zambia Oil & Gas Petroleum 

Zambia Raises Petrol and Diesel Prices Amidst Oil Price Surge

Constance
The Zambia Energy Regulation Board (ERB) has implemented a significant increase in the prices of petrol and diesel, marking an average surge of 3 Kwacha 68 Ngwee. As a result, the cost of a liter of petrol will experience an uptick to 29 Kwacha 42 Ngwee from its previous price of 25 Kwacha 55 Ngwee, reflecting an increase of 3 Kwacha 85 Ngwee. Similarly, diesel prices will witness a rise of 3 Kwacha 52 Ngwee, leading to a new cost of 26 Kwacha 88 Ngwee per liter, up from 23… Read More Here
DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023 6 Mining in DRC Oil & Gas Petroleum 

DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023

Constance
The price of oil on international markets continues to improve week after week following the decision of the member countries of the Organization of the Petroleum Exporting Countries (OPEC). According to data from the Central Bank of Congo dated August 4, 2023, the price of a barrel of oil stood at 85.56 USD in the first week of August 2023. “As of August 3, 2023, the price of a barrel of oil stood at 85.56 USD, recording a weekly increase of 2.12% driven by the announcement by Saudi Arabia, the… Read More Here
DRC Sees Positive Oil Price Rebound with 4.18% Weekly Increase in July 2023 7 Mining in DRC Petroleum 

DRC Sees Positive Oil Price Rebound with 4.18% Weekly Increase in July 2023

Constance
After a period of slowdown observed on this market between May and June 2023, oil prices showed positive signs at the end of July 2023. According to data from the Central Bank of Congo BCC, as of July 27, 2023, the price of a barrel of oil stood at 83.78 USD, recording a weekly increase of 4.18%. The Central Bank of Congo justifies this evolution in particular by the influence of the voluntary reduction in the production of black gold by the member countries of the Organization of Petroleum Exporting… Read More Here
Zambia's Energy Regulations Board (ERB) Implements Revised Fuel Prices 8 Mining in Zambia Petroleum Transport and Logistics 

Zambia’s Energy Regulations Board (ERB) Implements Revised Fuel Prices

Constance
In response to the recent fluctuations in international oil prices and exchange rates, the Energy Regulations Board (ERB) of Zambia has made significant adjustments to the pump prices of various petroleum products. Effective from the beginning of August, consumers will experience changes in the cost of petrol, diesel, kerosene, and Jet A-1. Petrol prices per liter will now be set at 25 Kwacha 57 ngwee, up from the previous 24 Kwacha 93 ngwee, while diesel will be priced at 23 Kwacha 36 ngwee per liter, an increase from the earlier… Read More Here
DRC and Angola Finally Reach Agreement on Oil Exploitation After 16 Years 9 Angola Mining in DRC Oil & Gas Petroleum 

DRC and Angola Finally Reach Agreement on Oil Exploitation After 16 Years

Constance
An agreement on the exploitation of oil, in the maritime zone of common interest (ZIC), was signed last Thursday, July 13 between the Democratic Republic of Congo and the Republic of Angola in Kinshasa, capital of the Democratic Republic of Congo. By signing this agreement 16 years after the Memorandum of Understanding of July 30, 2007, the two Ministers of Hydrocarbons Didier Budimbu and his counterpart from Angola Diamantino Pedro Azevedo have given concrete form to the will of two Heads of State of their respective countries. “My thanks go… Read More Here

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