Congo Republic To Launch Call For Oil License Tenders In September

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Wednesday, June 13, 2018+ADw-/div+AD4
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+ADw-p+AD4-DAKAR, June 13 (Reuters) – Congo Republic will open a call for oil license tenders in September followed by a promotion campaign at an oil conference in South Africa in November, Congo’s hydrocarbons minister and conference organisers said on Wednesday.+ADw-/p+AD4
+ADw-p+AD4-This is Congo’s first licensing round since oil prices rebounded significantly in 2017 after plummeting in 2014 due to global oversupply. Interest in the tender will act as a bellwether for the country’s oil reserves and production now that higher prices have made drilling more viable.+ADw-/p+AD4
+ADw-p+AD4-The joint statement said that the licensing round would last until June 30, 2019. It follows a previous round in 2016, in which 30 international companies registered to participate.+ADw-/p+AD4
+ADw-p+AD4-The auction will involve around 15 offshore and onshore blocks in the Cuvette Basin, according to information on the hydrocarbons ministry’s website.+ADw-/p+AD4
+ADw-p+AD4-Congo’s energy industry has staged an unlikely comeback over the past year thanks to major finds from ENI and Total, boosting an economy hobbled by huge debt, civil unrest and deep-rooted corruption.+ADw-/p+AD4
+ADw-p+AD4APA-em+AD4(Reporting By Aaron Ross Writing by Sofia Christensen Editing by Tim Cocks and Louise Heavens)+ADw-/em+AD4APA-/p+AD4
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