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.