Page 7 - AfrOil Week 23 2022

AfrOil COMMENTARY AfrOil

Potential carbon sink: a peat bog in Cuvette Centrale (Photo: Greenpeace)
DRC’s attempted balancing

act draws response from CAFI

Kinshasa intends to auction off oil and gas exploration blocks next month and proceed

with a $500mn forest preservation project, despite concerns about conflicting objectives

THE Central African Forest Initiative (CAFI), potential. It is thought to contain as much as
an international coalition of European, Asian 16bn barrels of oil, which would be worth close
WHAT: and African states, informed Bloomberg on to $2 trillion at current world market prices.
Central African Forest June 8 that it intends to study Kinshasa’s plans (Recoverable reserves are probably closer to 5bn
Initiative (CAFI) will study for auctioning off more than a dozen explora- barrels, worth at least $600bn at current rates.)
the Democratic Republic tion blocks in light of its own pledge to support And according to Didier Budimbu, the
of Congo government’s a $500mn preservation project. DRC’s Minister of Hydrocarbons, it’s not just
planned auction of more Earlier this year, the council of ministers about the money. Budimbu told the African
than a dozen onshore of the Democratic Republic of Congo (DRC) Energy Chamber (AEC) in May that the devel-
exploration blocks.
approved the Ministry of Hydrocarbons’ plan opment of domestic hydrocarbons might allow
WHY: for auctioning off more than a dozen onshore the country to extract 500,000 to 1mn barrels
Nine of the blocks lie blocks that may contain crude oil and natu- per day (bpd) of crude oil, as well as natural gas,
within a sensitive ecosys- ral gas. The auctions, which the ministry first for domestic use. This could transform the local
tem that can serve as a proposed in 2021, include nine blocks within economy for the better and reduce dependence
major carbon sink. Cuvette Centrale, an ecosystem covered by on imported petroleum products, he said.
wetlands and forests that lies at the centre of the “We have a large population of between
WHAT NEXT: Congo river basin. They are due to be held on 12mn-14mn people, and so there is a significant
Kinshasa will continue July 28-29, according to a Bloomberg report. internal market. We also want to expand our gas
trying to proceed with production to enable between 25mn-30mn peo-
both projects, but it may Economy or environment? ple to use our energy,” he said. “We are also look-
have trouble proving that Cuvette Centrale has caught the attention of the ing at this as a way to preserve our environment,
it can meet milestones. Ministry of Hydrocarbons (and, by extension, not through coal but through gas for cooking
the DRC’s government) because of its economic and other activities.”

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