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Congo cancels an auction for 27 sites earmarked for oil exploration

Associated Press

DAKAR, Senegal (AP) — The government of Congo has canceled an auction for 27 sites earmarked for oil exploration, citing late submissions and a lack of competition. The country’s oil minister says a new auction for the sites, known as oil blocks, will be held but he hasn’t announced a date. The 27 oil blocks hold an estimated 22 billion barrels. Mineral-rich Congo is thought to have significant oil reserves but drilling has been confined to a small territory on the Atlantic Ocean and offshore. Environmental agencies have sounded the alarm because the country holds some of the most important rainforest and wetlands in the world.

Article Topic Follows: AP National

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Associated Press

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