President Félix Antoine Tshisekedi informed on the financial prospects for oil production in the DRC

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Kinshasa, May 26th, 2022 (CPA).- The President of the Republic, Félix Antoine Tshisekedi was informed, during the 54th meeting of the Council of Ministers which he held by videoconference, last Friday, of the enormous financial prospects for the DRC in oil production. This conclusion is, as stated in the minutes of the said meeting, the result of an assessment study of the oil potential of some sedimentary basins of the DRC, carried out in execution of one of the flagship actions of the Government Program focused on increasing oil production. This study allows, specified the spokesperson of the government, the constitution of a package of technical data of the blocks to be attributed by call for tenders for sixteen (16) petroleum blocks selected within the sedimentary basins including the following basins: Coastal, Central Basin and West Branch of the East African Rift (Tanganyika Graben, Albertine Graben and Lake Kivu Graben). According to the government spokesperson, the Minister in charge of Hydrocarbons reminded the Council, during this briefing, that the Prime Minister himself chaired, on May 14th, 2022, the ceremony devoted to the Tripartite Agreement concluded in Paris, on September 10, 2021 between the supervising minister and the companies GEOSGMOID and CLAYHALL GROUP DMCC called upon to carry out this evaluation study.

Valorization of Methane Gas from Lake Kivu

Moreover, with regard to the development of Methane Gas from Lake Kivu, the Minister of Hydrocarbons indicated, during the same Council, that this gas is estimated at around 66 billion Normal Cubic Meters (Nm 3) of Methane CH 4 and 300 billion carbon dioxide CO 2. The setting in motion of this valuation requires, according to him, the support of the government, through the provision of funds allowing the collection of digital and physical geo-oil data. This, in order to allow the requesting companies to consult and access the data (after payment to the public treasury of the related costs) delivered in particular by GEOSIGMIOD, in support of the latter’s participation in the tendering process. In progress. He further requested authorization to proceed with the renewal of the “Memorandum of Understanding between our Government and the United Republic of Tanzania for the cooperation and promotion of the exploration and exploitation of hydrocarbons in Graben Tanganyika” signed in Dar-Es-Salaam on October 3rd, 2016 for a period of three (3) years, i.e. on October 3rd, 2019.

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