Audit says that Congo mining companies underreported revenues of $16.8 Billion.
A state audit revealed that mining companies in the Democratic Republic of Congo failed to report $16,8 billion between 2018 and 2023. This could have resulted in a reduction of funds for both the government and the local communities. According to the 2018 Congo mining code, companies must contribute 0.3% annual revenue towards community development funds, which typically support schools and clinics, as well as water systems. The June audit of the Court of Auditors of the country…
First political hurdle cleared for EU's plan on phase-out of Russian energy
EU diplomats reported that the ambassadors of European Union countries agreed on Wednesday to push ahead with the plan to stop Russian oil and natural gas imports by the year 2028. This agreement cleared the first political hurdle for the law before it is voted on later this month. The EU is currently negotiating proposals that would phase out Russian gas and oil by January 2028. This is an attempt to deny the Kremlin any revenue to fund their war in Ukraine.
Italy's Minister says Eni and Argentina's YPF are progressing with the Vaca Muerta Gas Project
Eni and Argentina’s YPF have made progress in the Vaca Muerta liquefied gas project, Italy’s foreign minister announced on Tuesday. A final investment decision is expected for this initiative soon. Eni and YPF signed an agreement in June to collaborate on the development of the gas resources at the Vaca Muerta Field. Eni announced at the time that it would cover production and treatment of gas, transportation, and liquefaction through floating units with a total annual capacity of 12,000,000 metric tons.
Nigeria increases oil production and drilling activity in response to reforms that attract investment
Nigeria's daily crude oil production has increased from between 1.7 and 1.83 millions barrels, and the number active drilling rigs have increased from 31 in January to fifty by July. This is due to the reforms implemented under President Bola Tinubu to open up the petroleum sector to investment. The figures were announced by Senator Heineken Lopobiri (Minister of State for Petroleum Resources, Oil) during his keynote speech at the Africa Energy Week, Cape Town. He was speaking on behalf of President.
Nigeria's daily crude oil production plunged by 16% after a brief Dangote refinery strikes
According to an impact study, Nigeria's daily production of oil and gas dropped during the short nationwide strike called by the oil workers' union PENGASSAN on Wednesday. The talks between Dangote Refinery and government mediators were called off after. The strike began on 28 September after Dangote, Africa's biggest refinery with a crude-processing capacity of 650,000 barrels a day, fired more than 800 unionised employees. According to a report from the state oil company NNPC Ltd…
Sources say that OPEC+ is considering a larger increase in oil production
OPEC+ will likely consider a higher oil production increase for November of 411,000 barrels a day at its meeting on Sunday, as the rising oil prices encourages the group to attempt to regain market share. OPEC+ reversed its previous strategy of cutting output and has already increased quotas to more than 2,5 million bpd or 2.4% of global demand to increase market share. This is in response to pressure from U.S. president Donald Trump, who wants to lower oil prices.
German spot contracts rise on low wind output
The German spot electricity price increased on Tuesday, amid expectations that wind power production would increase slightly. However, levels will still remain below the seasonal averages. Analysts at Engie Energy Scan said that low wind generation was supporting prices across North-West Europe, except in France. They said that in France, gas-fired generators are not used except for morning and evening peak times, and nuclear power is plentiful. This has pushed prices down throughout the day.
BP and Total Deepen Commitments to US with Major Projects
BP and TotalEnergies, two European oil and natural gas companies, deepened their commitments towards the United States on Monday. BP approved a $5 billion offshore field for oil production and TotalEnergies bought into a gas field onshore. The goal of U.S. president Donald Trump to capitalize on hydrocarbon resources in the United States is aligned with increased investment in U.S. production of oil and gas. BP is increasingly reliant upon the United States for its oil and natural gas business…
Andy Home: Grasberg disaster shows fragility in copper supply chain
Copper markets are used to sudden supply disruptions, but the events that occurred at Freeport-McMoRan’s Grasberg Mine in Indonesia were unprecedented in their scale and impact. Grasberg, after Escondida mine in Chile, is the second largest copper mine in the world. The 815,000 tons of copper produced last year represented 4% of the global output. The events that took place in Block Cave on the evening of September 8 were the stuff of nightmares. A massive 800,000-ton rush of mud erupted in the mine and spread rapidly, blocking all access routes.
Guyana's oil production rose to 685 barrels per day during August
The government released data on Wednesday showing that Guyana's oil output increased from 664,000 barrels per day to 685,000 bpd in August, up from 664,000 the previous month. This was boosted by opening the fourth floating production facility in this South American nation. The Floating Production, Storage, and Offloading facility One Guyana was delivered to a consortium led by Exxon Mobil in the United States, which controls all of Guyana's oil and gas production. This increased output beyond 900,000.
Exxon not the only company that is interested in returning to Russia, says Kremlin
When asked on Wednesday about the possibility of Exxon Mobil returning to Russia, Kremlin spokesperson Dmitry Peskov said that it was not only the U.S. oil major who wanted to return. Peskov said on RBC radio that "there are more than one company interested in reincarnating their presence on the Russian Market". Exxon was one of many Western companies that said they would leave Russia as soon as Moscow sent its troops into Ukraine in February 2022. Governments around the world condemned this move and began to impose sanctions.
Germany is planning to stop using fixed-term contracts for renewable energy installations
According to the Economy Ministry, Germany will no longer use long-term fixed-price contracts for buying power from new renewable energies installations. However, it will continue to support this sector. The critics of fixed feed-in rates say that they are too expensive for the government and energy consumers, and that renewable industries have been established enough to be subjected to market forces. The economy ministry announced that alternative financing models will be examined.
Wood Group accepts Sidara’s takeover bid following a year-long pursuit
The Wood Group in Britain has accepted a conditional bid of 216 million pounds ($292 millions) from Dubai's Sidara. This ends a long-running pursuit involving multiple offers and rejections. Sidara's 30-pence per share offer will see it assume Wood Group's $1.6 billion debt and inject $450 millions of cash in the company. Wood Group must publish its delayed results, and ensure that certain debt facilities will not be terminated. A British oilfield service firm delayed publishing its annual results in April due to an audit that was pending…
Nigeria LNG signs long-term contracts for gas supply
Nigeria LNG Ltd. has signed 20-year contracts for gas supply with NNPC Ltd. and other oil companies to supply 1.29 billion standard cubic feet per day in support of its liquefaction plant expansion plans and to support the company's liquefaction facilities. These agreements, which also include options for extension, involve Shell Nigeria, Aradel Holdings and First E&P. They are expected to reduce Nigeria's long-standing gas shortages upstream while accelerating its energy transition and industrialisation.
Prio shares drop as Brazilian oil regulator halts a key unit
Brazilian oil company Prio announced on Monday that the local regulator ANP ordered a production halt for the Peregrino FPSO. The regulator cited the need to improve risk management documentation as well as adjustments to the deluge system of the unit. Shares of the independent oil producer fell as a result. The Peregrino field is responsible for a large portion of Prio’s production, and the company recently purchased the remaining stake in the asset.
OPEC's oil production rose in July, led by the UAE and Saudi Arabia, according to a survey
A survey on Friday found that OPEC oil production increased in July following an OPEC+ deal to increase production. However, the rise was limited due to Iraq's additional cuts and drone attacks on Kurdish fields. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,38 million barrels of oil per day in June, an increase of 270,000 bpd over the revised total for the month. The United Arab Emirates, and Saudi Arabia, were the two countries that saw the biggest increases.
TotalEnergies sold 45% of its oil and gas blocks in Argentina to YPF at $500 million
TotalEnergies announced on Wednesday that Total Austral, its affiliate company, had agreed to sell 45% of its interest in two unconventional gas and oil blocks to YPF Argentina. TotalEnergies announced that the deal was valued at $500m. It represents 20% of TotalEnergies' acreage within Argentina's Vaca Muerta shale, which is the second largest unconventional gas reserve in the world. TotalEnergies, Argentina's biggest private operator, is responsible for about one-quarter of the gas produced in the country.
Glencore warns that a ban on exports from Congo could result in a large portion of its cobalt production not being sold by the end of 2025
Glencore announced on Wednesday that a large portion of its cobalt output would likely remain unsold at the end of 2025, due to the suspension of cobalt sales by the Democratic Republic of Congo. DRC, world's largest cobalt exporter, suspended exports for four months in February, after prices fell to a record low. In June, it extended the suspension by another three months. The export ban was intended to reduce the global oversupply of cobalt, and…
Glencore's rejection of US listing boosts UK markets
Glencore has decided to keep its main listing in London. It will not move to the United States at this time. This is a rare victory for London's markets which are shrinking because of a lack of new shares. The London-listed mining company said on Wednesday that moving across the Atlantic wouldn't increase shareholder value. It said in February that it was considering moving its primary listing to New York from London. Nagle stated on Wednesday that his company has thoroughly researched the possibility of moving to major exchanges in the world.
Germany wants to reduce its dependence on China for wind energy components
Germany's Economy Ministry published plans Tuesday to diversify sourcing of key components used in offshore wind turbines mainly by 2035, to reduce dependence on China. The government is implementing a "de-risking strategy" amid the geopolitical tensions between China and the United States, as well as after the Russian war in Ukraine triggered an energy crisis that highlighted the dangers associated with over-dependence on a single country for essential supplies.