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

DR Congo Halts Licensing Process for 27 Oil Blocks

561

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Your email address will not be published.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

NewsSecurityWorld

Congo and Rwanda Move Toward Peace as US Pushes for Stability and a New Minerals Pact

The leaders of the Democratic Republic of Congo and Rwanda came to...

NewsPoliticsWorld

Tinubu Expands Ambassadorial List to 65 Nominees Amid Growing Debate

President Bola Tinubu has sent a new, expanded ambassadorial list to the...

NewsSecurityTravel

Yuletide Airfare Surge: Domestic Flights in Nigeria Break N300,000 Amid Security and Economic Pressures

As Nigerians prepare for the holiday season, airfares on key domestic routes...

NewsWorld

Niger Welcomes UN Security Council Resolution Supporting Morocco’s Plan for Western Sahara

Niger has formally welcomed the adoption of a new United Nations Security...