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. Aime Sakombi Molindo, hydrocarbons minister, said: "Given what I have just stated…
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. Putin said that any restrictions do not have to be immediately implemented and they should not harm Russia.
"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, who says reducing carbon emissions…
Total Starts Production at Egina Oilfield
Total SA said on Wednesday it had started production from the Egina oilfield off Nigeria's coast, part of a shift by the French energy firm towards deepwater oil and gas projects to its drive cashflow.Output from Egina, which is located in waters about 1,600 metres (5,250 ft) deep, is expected to plateau at 200,000 barrels per day of oil, Total said. That rate is equivalent to about 10 percent of Nigeria's current production."Egina will significantly boost the group's production and cashflow from 2019 onwards…
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," Irene Muloni said at the Africa Oil Week conference in Cape Town. That date is in line with industry targets.In April Uganda signed a deal with a consortium…
Republic of the Congo Launches Oil Exploration Licensing Round
The Republic of Congo has launched its latest oil exploration bidding round in Cape Town, offering 18 blocks in deep-water offshore and onshore sites in its efforts to boost production, the ministry of hydrocarbons said on Tuesday.Operators already in the country, which produces about 350,000 barrels per day (bpd), include oil majors Chevron and Total.Phase II of the 2018/19 licensing round has five blocks available in the onshore Cuvette Basin…
Saipem Wins $700 Mln Worth of Offshore Contracts
Saipem has been awarded contracts for the second phase of the ExxonMobil led Liza development offshore Guyana.These contracts, assigned by Esso Exploration and Production Guyana Limited (EEPGL), an affiliate of ExxonMobil, as the project operator, are in addition to those awarded to Saipem in 2017 for Liza Phase 1.Following engineering and subject to requisite government approvals, project sanction from the joint venture and an authorization to proceed with the next phase…
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. The Swiss-based commodities trader and miner said its subsidiary had received a U.S. Department of Justice subpoena requesting documents and records on compliance with the Foreign Corrupt Practices Act and U.S.
[Op/Ed] Congo and OPEC: A Marriage of Mutual Need
The Republic of the Congo has suffered dearly during the oil collapse; and Congolese President Denis Nguesso has pledged that the country would no longer be sitting on the side lines — suffering the effects of global decision-making in the oil industry without a voice. In an official communiqué announcing the bid for OPEC membership, he stated that he wished to “place our country in the rank of the world’s leaders.”In January, officials from…
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," but they had been offset so far by strong prices for byproducts, such as cobalt, and Glencore was able to contain costs.
Congo Seeks Debt Relief From Trading Houses
IMF pushing Congo to renegotiate debt; loans primarily came from Trafigura, Glencore. Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2 billion from merchants such as Trafigura and Glencore but now finding its debt levels unsustainable, sources familiar with the matter said. Trading houses regularly lend money to resource-rich clients in financial distress - be it countries such as Congo, Chad, Morocco or Iraq's Kurdistan region - when other lenders walk away.
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 newspaper that Kabila had this month authorised exploration inside Salonga National Park, but he said that no land should be off-limits.
U.S. Crude Exports to Asia Complicate OPEC Strategy
U.S. crude oil is flooding into Asia, and may continue to do so as the arbitrage window that was initially created by Hurricane Harvey remains open, even though the disruption from the costliest storm to hit the Gulf of Mexico has faded. A record amount of U.S. crude is scheduled to arrive in Asia in November, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts. The data show 19.7 million barrels of U.S. oil is due to arrive across Asia in November, equivalent to about 657,000 barrels per day (bpd).
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, with two other Nigerian firms and Australia's Armour Energy also getting through to final negotiations for the award of the PSAs.
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 350,000 barrels per day (bpd) next year and help an ailing economy hobbled by huge debt, civil unrest and deep-rooted corruption.
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. First-quarter production figures were lower for commodities such as copper and zinc than some analysts forecast.
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, but a previous tendering process collapsed earlier this year.
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, its third-largest shareholder, to reduce net debt of $18.8 billion and boost valuation.
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, subsea and land based pipelines and four berths capable of loading/discharging crude oil, HFO, DPK-aviation, AGO-Diesel and PMS-Petrol.
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. "We have signed a memorandum of understanding to exchange experiences in exploration and exploitation of petroleum in Lake Tanganyika…
