In the DRC, the Ministry of Hydrocarbons announced that it will launch international calls for tenders in July for sixteen oil blocks (more on the topic here). The project adopted in early April aims, say the Congolese authorities, to improve state revenues and increase national oil production.
Despite opposition from civil society, which fears the impact of such a project on the forests of the Congo Basin, the government wants to move quickly. The Ministry of Hydrocarbons targets the world's major oil groups - the names of the companies selected will be announced in a few months. Some have already come forward, according to government sources. The DRC officials want to go beyond the production of 22,000 barrels a day today and expects to reach at least 200,000 barrels a day.
In the short term, the government is counting on about 40 million dollars that can be generated from the bidding companies. According to the Medium-Term Budget Framework, the DRC's economic growth for the next three years is estimated at around 6.3% per year between 2022 and 2024. This growth would be driven mainly by the extractive industries. The Ministry of Hydrocarbons, which contributes approximately 10% to the national budget, aims to be among the key ministries.
The global context puts DRC in a favorable position. Today, the President of the European Commission, Ursula von der Leyen, announced that Russian supply of crude would be prohibited in the EU within six months.
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