By Ebi Kesiena
The Democratic Republic of Congo (DRC) has announced the cancellation of its long-awaited auction of 27 oil blocks, citing late bids and a lack of competitive interest.
The auction, originally launched two years ago, was expected to attract significant investments but fell short of the government’s expectations.
The decision was confirmed in a statement by Oil Minister, Aime Sakombi Molendo, noting that a new auction will be planned for a later date, though no specific timeline or details were provided.
These 27 oil blocks, located across various regions of the DRC, are estimated to contain around 22 billion barrels of oil. This represents a substantial untapped resource for the mineral-rich nation, which holds some of the most significant oil reserves in Central Africa.
Despite these promising estimates, actual oil exploration and drilling activities in the DRC have been largely restricted to a limited area along the Atlantic Ocean coast and offshore zones.
The government had hoped the auction would serve as a pivotal moment for expanding the country’s oil production.
Although, 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.
Together, they capture huge amounts of carbon dioxide about 1.5 billion tons a year, or about 3% of global emissions.
More than a dozen of the auctioned plots straddle protected areas of peatlands and rainforests, including Virunga National Park, home to some of the world’s rarest gorillas.
