Congo cancels the licensing round for 27 oil block
According to a Monday statement on the hydrocarbons minister's X Twitter account, the Democratic Republic of Congo has canceled a licensing round originally launched in 2020 to tap the nation's potential for oil and gas. The statement of October 11 listed multiple reasons for cancellation. These included late submissions, inappropriate and irregular offers, as well as a lack competition.
Russia is considering limiting metals exports to the West
In response to Western sanctions, Russian President Vladimir Putin suggested this week that Moscow limit exports of metals or other commodities in which Russia has a large share on global markets. Putin mentioned uranium and nickel as well as titanium, but suggested that other commodities could be restricted, pointing out that Russia is a major producer for natural gas, diamonds, and gold.
"Green Energy" will drive the need for more Mining and Metals Production
Clean energy may mean less mining for coal, but it also means opening or expanding mines to unearth minerals such as cobalt for use in alloys and batteries, tellurium for solar cells and semiconductors, and germanium for transistors in electronic devices. That’s according to Dr. Michael Moats, professor and interim chair of materials science and engineering at Missouri University of Science and Technology…
Uganda Expects First Oil Production in 2021
Uganda expects to start producing oil in 2021, a year later than initially planned, and its refinery should be up and running by 2023, its oil minister said on Thursday.France's Total is an investor in Uganda's oilfields, with China's CNOOC and Britain's Tullow Oil."Our initial target was 2020. That seems to have slipped and we are looking now at 2021…
Glencore Gets U.S. Subpoena on Compliance with Money-Laundering Laws
U.S. demands documents on business in Nigeria, DRC, Venezuela; Glencore shares fall as much as 13 percent. U.S. authorities have demanded the U.S. arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, sending shares in the parent company down more than 10 percent.
Glencore Hails Strongest FY Results Ever
Share price rises around 4 percent. Glencore Chief Executive Ivan Glasenberg hailed the group's results as its "strongest on record" on Wednesday, bolstered by a recovery on commodity markets and said it had the assets to meet future demand including from electric vehicles. In line with other miners reporting this month, Glasenberg said there were "emerging inflationary pressures…
Congo Defends Right to Explore for Oil in National Parks
Democratic Republic of Congo's oil minister on Thursday defended the country's right to explore for oil anywhere on its territory after media reports that President Joseph Kabila approved drilling in Africa's largest tropical rainforest reserve. Oil minister Aime Ngoy Mukena declined to confirm a report in Germany's Die Tageszeitung…
Uganda to Finalize Oil Exploration Deal with Nigerian Firm
Uganda is set to sign on Thursday two oil production sharing agreements with a Nigerian firm, enabling the company to begin exploration work, the government said on Wednesday. The firm, Oranto Petroleum International, was among a number of companies that bid in the country's first competitive oil exploration licensing round last year…
Oil Production Stages Unlikely Comeback in Congo Republic
As low oil prices hit economies across Africa, one unlikely country is boosting output and attracting major investment that could make it one of the continent's largest producers by next year. Congo Republic, whose oil sector was ravaged by a dip in prices and production since 2014, has been rejuvenated by new projects scheduled to boost output by 25 percent to 350…
Glencore raises profit forecast for trading arm
Lifts operating profit forecast for trading division by $100 mln; coal prices spike in Q1 versus same time a year ago. Mining and commodities trading group Glencore has raised its operating profit forecast for the trading division this year by $100 million and said its mining operations were expected to recover from some weather-related disruption at the start of the year.
Uganda Names Sinopec among Firms Interested in Refinery
Oil firms including China's Sinopec have expressed an interest in developing Uganda's planned oil refinery and an investor for the project will be selected by February 2017, a top government official said on Tuesday. The East African country, which discovered oil fields in 2006 but has yet to start production, began trying to secure a private investor for the project nearly two years ago…
Freeport to Sell California Energy Assets for Up to $742 mln
Freeport-McMoRan Inc said on Friday it will sell onshore California oil and gas assets to Sentinel Peak Resources California for up to $742 million, part of the world's biggest listed copper miner's push to trim its multi-billion dollar debt. Hard hit in recent years by a downturn in commodity prices, Phoenix-based Freeport is under pressure from activist investor Carl Icahn…
Tanzania, Congo Sign Deal for Petroleum Exploration in Lake Tanganyika
Tanzania and the Democratic Republic of the Congo signed a memorandum of understanding on Tuesday for joint exploration and development of hydrocarbons in Lake Tanganyika. The lake, which straddles the border between Tanzania, Democratic Republic of Congo, Burundi and Zambia, is the world's second largest by volume and second deepest, according to officials.
Kipevu Oil Terminal at Mombasa Port to Relocate
Kenya Ports Authority annoucend: Kipevu Oil Terminal at Mombasa Port will be relocated early next year, to Dongo Kundu area, as a result of the ongoing capacity expansion programme. New, upgraded modern oil terminal is expected to have a capacity to accommodate four vessels of up to 200 000 DWT. The project also involves building new cargo handling facilities with both…
Uganda Central Bank Warns of Distress if Oil Revenues Delayed
Uganda could face "debt distress" in as little as two years if a start to oil production is delayed further, after ramping up its foreign borrowing in recent years, a top central bank official told Reuters on Wednesday. Adam Mugume, executive director for research at Bank of Uganda, told Reuters the debt load could become problematic if Uganda does not begin exporting crude soon.
Uganda Says Tanzania Offers to Buy Stake in its Refinery
Tanzania wants an 8 percent stake in Uganda's planned oil refinery, a Ugandan minister said on Friday, a move that could be designed to boost Tanzania's bid to secure a pipeline route for Ugandan crude over a rival pitch by Kenya. Uganda has been discussing plans for a refinery for about seven years. It would process some oil from fields it is developing, although most crude would be exported.
Glencore: 7 Dead After Congo Mine Wall Collapse
Katanga Mining, a majority-owned subsidiary of global miner Glencore, said on Thursday that a wall collapse at a mine southeastern Democratic Republic of Congo has killed all seven people who were in the open-pit mine at the time of the incident last week. The company, which has so far recovered three bodies from the site, said it had ended the search for the other four following a 10-day effort.
Glencore's Debt-Reduction Plan Includes Output Cut
Firm to cut 2016 oil production by 20 pct as prices slide. Glencore has taken another step to reduce its debt by selling $500 million of future precious metals output, and deepened oil production cuts after prices fell further. Glencore said on Thursday it planned to produce about 8.5 million barrels of oil in 2016, down 20 percent from last year and lower than the 9.6 million it had estimated in December.
Total Conducting Seismic Testing on Congo Oil Block
French oil major Total is conducting seismic testing on a block it operates in northeastern Democratic Republic of Congo, a company spokeswoman confirmed on Thursday, making it the first oil major to conduct such testing in the country. Congo produces just 25,000 barrels of oil per day along its Atlantic coast in the west but hopes that further exploration offshore and near Lake Albert…
Glencore Shares Up on Asset Sales
Mining and trading company Glencore said on Wednesday it was on track to reduce its debt thanks to asset sales and was making deeper cuts in copper output to support weak prices, sending its shares 6 percent higher. The stock ignored news from Zambia where President Edgar Lungu said he would not allow Glencore to lay off workers at its Mopani Copper Mine as it suspends production for 18 months…
