Articles tagged 'oil'

Muzarabani potential staggering: Invictus 23 November 2018 HARARE - Stock Exchange (ASX) junior miner, Invictus Energy (Invictus), says there is “additional potential” at its controversial Cabora Bassa Basin oil prospects in Muzarabani. Scott Macmillan, Invictus chief executive, on Monday told shareholders that while the project's potential had been c...
ED worry over 'gratuitous negativity' around oil find 19 November 2018 HARARE - President Emmerson Mnangagwa has blasted the “gratuitous negativity” which followed his announcement that Australia's Invictus Energy had found oil and gas deposits in the northern Muzarabani area of the country. But in a statement to the Australian Stock Exchange, Invictus poured col...
'No oil, gas discoveries yet' 3 November 2018 HARARE – President Emmerson Mnangagwa was yesterday left with egg on the face after a company he claimed had discovered oil and gas deposits in Muzarabani dismissed the claims. An excited Mnangagwa told journalists on Thursday that oil and gas had been discovered in Muzarabani through explorat...
ED hails oil find in Muzarabani 2 November 2018 HARARE - An Australian firm has found an oil field in northern Muzarabani, the first to be discovered in Zimbabwe, with $20 million required to drill an exploration well, President Emmerson Mnangagwa said yesterday. Describing the find as “truly incredible”, Mnangagwa said government was enter...
Dos Santos appoints billionaire daughter as oil boss 3 June 2016 LONDON - Angolan President Jose Eduardo dos Santos has appointed his daughter Isabel as head of state oil firm Sonangol, Angola National State Radio (RNA) reports. The radio report adds that this came after the president fired the entire Sonangol board and appointed a new one. Angola is cur...
Zim defends high fuel prices 16 February 2016 HARARE - Zimbabwe's government has defended high fuel prices obtaining in the country despite a significant decline in international oil prices by more than 70 percent in the last few months. Energy minister Samuel Undenge last week said the country uses “a unique” pricing model that is differ...
Fuel prices 'must' go down 28 January 2016 EDITOR — With the global oil prices tumbling to around $30 a barrel it is of major concern that fuel prices remain high in Zimbabwe with motorists being forced to fork out up to $1,40 per litre for petrol despite being blended with locally-processed ethanol. As the international prices continu...
'Zanu PF ignoring inflated fuel prices' 28 January 2016 HARARE - Morgan Tsvangirai's MDC has accused Energy minister Samuel Undenge of allowing big fuel retailers to maintain large profit margins while the price of oil was falling sharply. A year ago, the price of crude oil was over $115 a barrel. A few days ago, the price fell to below $28 a ba...
Zim moves to lower fuel prices 2 September 2015 HARARE - Zimbabwe has commissioned a new petroleum sector pricing study aimed at coming up with mechanisms to lower fuel prices in the country, a senior government official has said. The Energy ministry permanent secretary, Patterson Mbiriri, yesterday told delegates at a Zimbabwe Energy Regul...
Zim spends $744m on fuel imports 1 September 2015 HARARE - Zimbabwe has spent $744 million on petroleum products in the seven months to July from the import of 747 million litres of petrol and diesel, official statistics show. This compares favourably well with $769 million the country spent last year in the same period for the importation of...
Fuel prices go down 27 August 2015 HARARE - Crisis-weary Zimbabweans finally have something to smile about following the recent decline in fuel prices. A snap survey by the Daily News in the country's major cities and towns such as Harare, Bulawayo, Masvingo, Mutare, Marondera, Kwekwe and Bindura revealed that petrol prices tum...
Oil prices 'could fall further' 10 July 2015 LONDON - Oil prices may have further to fall despite stabilising in recent months - and even beginning to rise modestly - because of a massive oversupply the International Energy Agency (IEA) has said. The IEA said lower oil prices were likely to last well into 2016. The agency added the wo...
Saudi king's death adds to uncertainty in oil market 23 January 2015 SINGAPORE - Oil prices jumped on Friday as news of the death of Saudi Arabia's King Abdullah added to uncertainty in energy markets already facing some of the biggest shifts in decades. Abdullah died early on Friday and his brother Salman became king, the royal court in the world's top oil exp...
Fuel dealers slash prices 14 January 2015 HARARE - Local fuel dealers started slashing fuel prices yesterday to meet government's recommended fuel prices of $1,32 for petrol and $1,20 for diesel per litre, as the global oil price further slumped this week to $46 per barrel. A snap survey conducted by the Daily News showed most dealers...
Oil price falls to new six-year low 12 January 2015 LONDON - The price of Brent crude oil has fallen, further taking it to a new six-year low. The price of a barrel of the North Sea benchmark dropped by 2.6% to $48.74, its lowest level since April 2009. US crude oil was also at its lowest level since that time, down by 2.3% to $47.25 a barre...
Govt moves to slash fuel prices 11 January 2015 HARARE - Facing mounting criticism over its inept handling of the country's comatose economy, the government has given local fuel dealers an ultimatum to slash fuel prices by Wednesday next week (January 14). Recently-appointed Energy minister, Samuel Undenge, told a news conference in Harare ...
Outrage over fuel prices 9 January 2015 HARARE - There is outrage over Zimbabwe's refusal to slash fuel prices after a 50 percent price markdown in global oil prices. The price of Brent crude oil fell below $50 a barrel for the first time on Wednesday since May 2009, from $110 in June last year, resulting in most regional countries ...
'No oil deposits in Zim' 6 October 2014 HARARE - Zimbabwe has no proven oil deposits, deputy Mines minister Fred Moyo has said. His remarks come on the back of media reports that the land-locked country could be having oil and gas reserves, according to an exploration exercise performed about two decades ago. However, Moyo — a fo...
Ex-Russian tycoon's jail sentence cut 7 August 2013 MOSCOW - Russia's highest court has reduced 11-year prison terms for jailed former oil tycoon Mikhail Khodorkovsky and his business partner - by two months. The pair had asked the court to overturn their guilty verdicts and release them immediately. The ruling means Khodorkovsky, once Russi...
New oil plant for Chitungwiza 12 September 2012 HARARE - Surface Investments plans to set up a $7 million new solvent extraction plant to be operational early next year and will add $20 million annually to its current sales of over $40 million. Executive director Narottam Somani said the plant to be based in Chitungwiza will also process soya ...