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- Congo is working to increase its crude oil and gas production ahead of OPEC negotiations in November.
- Afreximbank is offering $300 million loan to Trident OGX Congo to increase crude oil production by 30%.
- Congo-Brazzaville’s production is expected to rise to 400,000 barrels per day by next year.
Congo is rolling out a plan to increase crude oil and gas production ahead of vital negotiations over OPEC production baselines in November. In the latest move, the African Export-Import Bank (Afreximbank) has entered into an agreement to provide a $300 million loan to Trident OGX Congo aimed at increasing the country’s crude oil production by 30 per cent.
The $300 million loan will enhance Congo’s crude oil output significantly within a year, and double gas production in two to three years, effectively stepping up the country’s 2024 output quota.
Congo-Brazzaville’s production is currently just below 300,000 barrels of oil equivalent per …
Nairobi will continue purchasing fuel on credit from three state-owned Gulf oil marketers until December 2024 in a plan the government is banking on to ease piling pressure on Kenya’s forex reserves.
The move comes in the wake of high expenditure on oil imports even as Kenya remains a net importer grappling with a widening trade deficit that hit $10.8 billion last year. Last year, Kenya’s expenditure on imports rose by 17.5 per cent to $16.9 billion (KSh2.5 trillion), despite growing export volumes.…
Russia’s invasion of Ukraine in February 2022 threw oil and gas markets into disarray. Consequently, the world experienced the first real global energy crisis during the uneven economic recovery from the COVID-19 epidemic. Russia’s inclusion in the OPEC+ group has hampered international attempts to manage the situation. This has made it harder to handle the significant inflationary effects of rising global fuel prices, particularly in developing nations.
Global fuel prices have risen exponentially in the last few months. The rise is hugely significant, as it has seriously aggravated the global cost-of-living crisis. African economies have particularly been on the receiving end. The continent has suffered from disrupted supply chains and a slowdown in the global economic outlook. Thus, rising energy costs complicate matters even further.…
For many Kenyans, life was unbearable during former President Uhuru Kenyatta’s reign. But just one year after President William Ruto came to power, life is getting more onerous. High taxation, the depreciation of the shilling against the dollar, and record-high fuel prices have highlighted the last few months. This has painted a grim picture of Kenya’s future and shattered citizens’ hopes for economic reinvigoration.
On September 14, 2023, the Energy and Petroleum Regulatory Authority (EPRA) announced record-high fuel prices for the September-October regulation cycle. A litre of super will now retail at Kes 211.64, diesel at Kes 200.90, and Kerosene at Kes 202.61. This represents an increase of Kes 16.96, 21.32, and 33.13, respectively, in the new prices announced last midnight.…
- The Republic of Congo Energies forum will be part of this year’s African Energy Week (AEW) expo.
- The conference and exhibition are scheduled for October 16-20, 2023 in Cape Town.
- Forum will facilitate new oil and renewable energy investment deals for the country.
Invest in the Republic of Congo Energies forum will be a part of this year’s African Energy Week (AEW) conference. Recognized as Africa’s foremost energy event, AEW will take place in Cape Town from October 16 to 20, this year.
Under the theme of ‘The African Energy Renaissance: Prioritizing Energy Poverty, People, the Planet, Industrialization, and Free Markets’, the Invest in the Republic of Congo Energies country spotlight will bring together energy policymakers and companies from the central African country with global investors. The forum aims to address pressing industry challenges while showcasing and optimizing energy transition opportunities.
Unlocking the country’s potential
The Republic of Congo is …
African countries will be largely impacted by the decision by the global cartel of oil producing countries to cut oil production given that only 14 out of 54 countries in Sub-Sahara Africa produce oil, which accounts for the lion’s share of their annual export earnings.
Many African countries have to import refined oil and rely on oil products in power generation. A hike in oil prices will boost economies of oil producing countries, by gaining foreign exchange earnings to carry out development projects such as Nigeria, Angola, Gabon, Libya, Cameroon, and Congo among others.
Consequently, this will create more job opportunities and greatly aid in poverty alleviation. In addition, the revenues could be redirected to other sectors that make significant contributions to the respective economies. By example, in countries like Cameroon, Gabon and Congo, internet infrastructure and technology could largely benefit from re-investing.…
African governments must consider strategies to optimise the effective use of imported oil. The optimisation will reduce net oil import proportions to minimise expenses. More generally, African nations must explore these strategies to minimise their reliance on oil as their only energy source.
Reducing oil consumption by shifting to renewable resources represents a long-term or short-term solution. In contrast, if Africa is to benefit or gain from the imminent possibility of an increase in oil prices, these few oil-producing nations must expand their crude oil production and refinery capacity.…
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Nigerian presidential contenders must confront persistent insecurity, chronic unemployment, and a deteriorating economic outlook. Bola Tinubu outlined his vision before the Nigeria elections in 2023 in an 80-page paper released by President Muhammadu Buhari at a lavish ceremony on October 21, 2022.…
Further, the Organisation of Petroleum Exporting Countries (OPEC) revealed that India’s demand might jump by 8.2 per cent in 2022, to hit 5.15 million barrels per day. This would be on the back of continued recovery against the COVID-19 pandemic.
The country’s demand for the commodity increased by 5.61 per cent from 4.51 million barrels per day in 2020 to 4.76 million BPD in 2021.
OPEC further noted that oil demand would recover in 2022, amid the expected containment of the Omicron variant of COVID-19 and economic growth of 7.2 per cent this year.…
As a gigantic energy superpower, Russia’s foreign direct investment (FDI) accounts for less than 1 per cent of Africa’s total FDI.
However, African Business argued that, with Russia being a small trading partner to Africa compared to the United States and China, the impact on trade would be marginal—yet few Africa developing economies such as Uganda will be more exposed.
Further, United Nations Conference on Trade and Development (UNCTAD) data show that Russia accounts for 2 to 3 per cent of Africa’s trade with the world—most of it is exports.
“Russia also accounts for 2 per cent of the world’s exports to Africa, and only 0.5 per cent imports from the continent” African Business.…