Home News Finance DR Congo Halts Licensing Process for 27 Oil Blocks
FinanceNews

DR Congo Halts Licensing Process for 27 Oil Blocks

64

The Democratic Republic of Congo (DRC) has halted the licensing process for 27 oil blocks, launched in 2022. This was announced through a statement posted on the hydrocarbons ministry’s X account on Monday.

The statement, dated October 11, cited multiple reasons for the cancellation, including late submissions, inappropriate or irregular offers, and a lack of competition.

Hydrocarbons Minister Aime Sakombi Molendo stated that, in light of these factors, he had to declare the cancellation of the ongoing process. He said the process would be relaunched soon, but did not specify a timeline.

The original licensing round faced criticism from some western partners and environmental groups about potential carbon emissions. In October 2022, the DRC government turned down a request from U.S. climate envoy John Kerry to withdraw some oil blocks from auction to protect forests. Environment Minister Eve Bazaiba told Reuters that this decision could hinder the country’s development.

“Nobody can put pressure on us… no convention in the world, not even the Paris Agreement, forbids a country from emitting CO2 for development reasons. This is not a working group in which a colonialist controls a colony,” she said.

 

Read More:

Dangote Refinery to Negotiate New Fuel Pricing with Oil Marketers

Senegal Govt to Unveil 25-Year Plan to Cut Foreign Dependence, Boost Local Growth

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Nigerian Lawmakers Use Hard Drugs and Support Dealers - Senator Kawu
NewsPolitics

Nigerian Lawmakers Use Hard Drugs and Support Dealers – Senator Kawu

Kawu Sumaila, Kano South Senator of the New Nigeria Peoples Party (NNPP),...

IPC Calls for Inquiry into EFCCs Raid on Enugu Radio Station
NewsSecurity

IPC Calls for Inquiry into EFCC’s Raid on Enugu Radio Station

The International Press Centre (IPC) has called for the immediate investigation and...

FinanceNews

Nigeria’s Inflation Surges to 32.70% in September, as Petrol Prices Rise

Nigeria’s inflation rate in September 2024 rose to 32.70 per cent, an...

News

Oshiomhole Opposes Creation of Nigerian Coast Guard, Cites Duplication of Duties

In an address during a Senate plenary, Adams Oshiomhole, the senator representing...