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The mineral-rich central African country of the Democratic Republic of the Congo is believed to have significant oil reserves. Still, drilling has been limited to a small area on the Atlantic Ocean and offshore. The auction is expected to be a game changer.
The Democratic Republic of Congo (DRC) has cancelled the auction of 27 sites earmarked for oil exploration, citing late bids and a lack of competition.
The auction of these sites, known as oil blocks, was launched two years ago but was cancelled because it was not as successful as expected and a new auction will be held, Oil Minister Aime Sakombi Molendo said in a statement. He gave no details on the timetable or the number of blocks that will be auctioned. The 27 oil blocks whose auction was cancelled contain an estimated 22 billion barrels of oil.
The mineral-rich central African country of the Democratic Republic of the Congo is believed to have significant oil reserves. Still, drilling has been limited to a small area on the Atlantic Ocean and offshore. The auction is expected to be a game changer.
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Environmental agencies have been sounding the alarm since the DRC launched the auction in July 2022, saying auctioning off more land for drilling would have consequences both in the DRC and abroad. The DRC is home to most of the Congo Basin rainforest, the second largest in the world, and most of the world’s largest tropical peatland, composed of partially decomposed plant material from wetlands.
