Total withdraws from oil exploitation in the DRC

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Wednesday in Kinshasa, John Kwet Mwan Kwet, the interim Minister of Hydrocarbons, announced that the French oil company Total has decided to abandon its shares in the oil bloc III, the most prolific in the country. Representatives of the company would not have presented themselves for negotiations concerning the extension of its exploration permit on the spot, explains the manager.

However, Total’s block partners have been granted extensions of their licenses. If Total refused to comment on this news, the Congolese government said the withdrawal is due to the development of a flagship project in neighboring Uganda. A deposit of 6.5 billion barrels that the French firm strives to monetize with Chinese CNOOC and Britain’s Tullow.

In Block III, Total had 66.7% ownership and operator status alongside South African companies Divine Inspiration Group and Efora Energy. According to recent estimates, this license could contain up to 1.2 billion barrels of recoverable oil.

In terms of filling the gap left by Total on the perimeter, the other partners started negotiations with Kinshasa.

The authorities are currently working to launch before the end of this year, a cycle of exploration licenses of more than 20 blocks. The objective is to capitalize the 5 billion barrels of crude housed in the subsoil, particularly in the coastal basin of the Atlantic Ocean, the Central Interior Cuvette and around Lake Tanganyika in the Southeast.

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