The Democratic Republic of Congo (DRC) recently decided to cancel the auction of 27 sites slated for oil exploration, due to late bids and lack of competition. Oil Minister Aime Sakombi Molendo announced that the auction, which was launched two years ago, was deemed unproductive and will therefore be cancelled, in anticipation of a new auction to be held at a later date. No details regarding the timing or number of blocks to be auctioned have been released at this time.
The 27 oil blocks that were cancelled contain an estimated 22 billion barrels of oil. It is important to note that the Democratic Republic of Congo, a mineral-rich Central African country, is known to have significant oil reserves. However, drilling activities have so far been limited to a small area along the Atlantic Ocean and offshore.
Needless to say, this auction was a pivotal one for the country. Since the initiative was launched in July 2022, environmental groups have been sounding the alarm, warning of the consequences that giving up more land for oil exploitation could have, both in the DRC and abroad.
The Democratic Republic of Congo is home to most of the Congo Basin rainforest, the second largest in the world, as well as the world’s largest tropical peatland, composed of partially decomposed plant material from wetlands. Together, these ecosystems capture enormous amounts of carbon dioxide, about 1.5 billion tons per year, accounting for about 3% of global emissions.
Notably, more than a dozen of the sites up for auction overlap protected areas of peatlands and rainforests, including Virunga National Park, home to some of the world’s rarest gorillas. The conservation of these sensitive areas is of paramount importance for biodiversity and the global climate.
In light of these major environmental challenges, it is crucial for the government of the Democratic Republic of Congo to reassess its oil exploration strategy, striking a balance between economic development and environmental protection. The decision to cancel the auction of the 27 sites highlights the need to find sustainable solutions for the exploitation of the country’s natural resources, while preserving its invaluable environmental heritage.