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Category: Petroleum

DRC: Oil Price Experiences a 2.12% Rise in the Initial Week of August 2023 1 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 2 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 3 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 4 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
Gasoline price increase doesn't deter illegal trade between DRC and Zambia 5 Oil & Gas Angola Mining in DRC Mining in Zambia Petroleum 

Gasoline price increase doesn’t deter illegal trade between DRC and Zambia

Constance
In an environment of expectations, the 9th National Production Banana Fair was opened yesterday 28th June in the locality of Panguila, municipality of Dande, with estimated transactions of 50 million kwanzas expected, thanks to the high flow of suppliers and buyers, as well as an abundant supply of agro-industrial products. The rise in the price of gasoline, from 160 kwanzas to 300 kwanzas (0.39 dollars), is not inhibiting the fuel smuggling business, in the province of Zaire, to the DRC and Zambia, where the liter is being sold at 1.50… Read More Here
Eni Sells Congolese Oil Portfolio to Perenco in $300M Deal 6 Mining in DRC Oil & Gas Petroleum 

Eni Sells Congolese Oil Portfolio to Perenco in $300M Deal

Constance
Italian global oil and gas major Eni has announced the sale of its oil assets in the Republic of Congo to independent Anglo-French hydrocarbons firm Perenco in a $300 million deal. The oil assets include Eni’s operations and interest in various exploration and production permits in the central African country. The focus is on developing gas resources to ensure energy security, environmental sustainability, and global impact, according to a press release. The deal comes at a time when Eni is developing infrastructure for the Congo liquefied Natural Gas (LNG) project which… Read More Here
Zambia's Energy Regulation Board Explains Fuel Stock Outs 7 Mining in Zambia Oil & Gas Petroleum 

Zambia’s Energy Regulation Board Explains Fuel Stock Outs

Constance
The Energy Regulation Board -ERB- has attributed fuel outages at selected filling stations in the country to logistical challenges by Oil Marketing Companies -OMCs- that operate the retail sites. The ERB notes that it has received reports from OMCs who have had import challenges related to the scarcity of foreign exchange on the market coupled with the depreciation of the Kwacha against the dollar especially in the last six months. ERB Manager – Public Relations NAMUKOLO KASUMPA however says the situation is expected to improve as the Kwacha appreciates against… Read More Here
Sonangol and China's CNCEC Forge MoU for Lobito Refinery 8 Oil & Gas Petroleum 

Sonangol and China’s CNCEC Forge MoU for Lobito Refinery

Constance
Angola’s national oil company (NOC) Sonangol signed a Memorandum of Understanding (MoU) with China National Chemical Engineering (CNCEC) in Beijing for the construction of the Lobito Refinery. The MoU will see the parties raise the required financing for the project and could potentially lead to a contract for the construction of this important infrastructure by the Chinese company. The MoU was signed by Sonangol Chairman Gaspar Martins, on behalf of the NOC, on June 6 in the Chinese capital Beijing, and in the presence of the Minister of Mineral Resources, Oil and… Read More Here
Deputy Prime Minister of the DRC Establishes Fixed Fuel Prices in the Western Zone 9 Mining in DRC News in Brief Petroleum 

Deputy Prime Minister of the DRC Establishes Fixed Fuel Prices in the Western Zone

Constance
In an order signed on Wednesday, June 7, 2023, the Deputy Prime Minister in charge of the Economy, Vital Kamerhe signed an order fixing fuel prices in the western zone of the Democratic Republic of Congo. The new price list fixes the liter of gasoline at 2,995 FC; diesel at 2,985 FC; oil at 2,450 FC (has not changed); the FOMI at 2,061.06 FC; and GAS at 4,831.57 FC. For petrol and diesel, this is a price increase of 5% compared to the prices fixed since November 30, 2022. Read More Here
OIl Mining in Zambia Oil & Gas Petroleum 

Zambia’s Energy Regulation Board Issues Warning Against Petroleum Product Hoarding

Constance
The Energy Regulation Board (ERB) in Zambia has issued a stern warning to Oil Marketing Companies (OMCs) and Petroleum Retail Dealers regarding the deliberate withholding of petroleum product sales, particularly in the days leading up to the monthly pricing review announcement. The caution comes in response to reports of alleged stock shortages at certain filling stations prior to the ERB’s price review announcement. Namukolo Kasumpa, the ERB Public Relations Manager, emphasized that this practice constitutes hoarding, which is strictly prohibited under the conditions of the Licence to Retail Petroleum Products.… Read More Here

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