The Democratic Republic of Congo (DRC) has canceled the auction of 27 oil exploration blocks due to late bids and lack of competition, according to Oil Minister Aime Sakombi Molendo. The auction, launched in 2022, was unsuccessful, but a new round will be held at a later date. Congo is believed to have significant oil reserves, with the 27 blocks containing an estimated 22 billion barrels of oil. Environmental groups have raised concerns over the auction’s impact, as several plots overlap with protected areas like the Congo Basin rainforest and Virunga National Park. These regions are crucial for capturing carbon dioxide, absorbing about 1.5 billion tons annually, which is around 3% of global emissions. According to the environmental groups, drilling in these areas could threaten rare wildlife, including some of the world’s last gorillas, and harm critical ecosystems.
SOURCE: AFRICA NEWS
DRC Halts Controversial Auction of Oil Blocks
