Congo cancels an auction for 27 sites earmarked for oil exploration
The government of Congo has canceled an auction for 27 sites earmarked for oil exploration, citing late submissions and a lack of competition
DAKAR, Senegal (AP) — Congo canceled an auction for 27 sites earmarked for oil exploration, its government said, citing late submissions and a lack of competition.
The auction for the sites, known as oil blocks, was initially launched two years ago but was called off after it failed to achieve the expected success and a new auction will be held, said oil minister Aimé Sakombi Molendo in a statement. He gave no details about timing or the number of blocks to be put up for bidding in future.
The 27 oil blocks canceled auction hold an estimated 22 billion barrels.
Congo, a mineral-rich nation in central Africa, is thought to have significant oil reserves but drilling has so far been confined to a small territory on the Atlantic Ocean and offshore.
