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 locations, known as oil blocks, was held two years ago but was canceled due to underperformance, and a new auction will be organized, Oil Minister Aime Sakombi Molendo said in a statement.
He supplied no information about the timeframe or the quantity of blocks that will be auctioned.
The 27 oil blocks whose auctions were canceled hold an estimated 22 billion barrels of oil.
The Democratic Republic of the Congo, a mineral-rich central African country, is thought to hold considerable oil reserves.
However, drilling has been limited to a tiny area of the Atlantic Ocean and offshore.
The auction is supposed to be game-changing.
Environmental groups have raised concerns since the DRC started the sale in July 2022, claiming that auctioning off more land for drilling would have effects both in the DRC and overseas.
The Democratic Republic of the Congo is home to the Congo Basin rainforest, the world’s second largest, as well as the majority of the world’s largest tropical peatland, which is made up of partially degraded plant material from wetlands.
More than a dozen of the auctioned plots border protected peatlands and rainforests, including Virunga National Park, which is home to some of the world’s rarest gorillas.
