DRC: Towards multiplying oil production by ten

DRC authorities are planning to increase national oil production and improve state revenues. In this connection, the Ministry of Hydrocarbons has announced that it will launch international tenders for sixteen oil blocks in July.

Despite opposition from civil society, which fears the impact of such a project on the forests of the Congo Basin, the government wants to move quickly. The Ministry of Hydrocarbons is targeting the world’s major oil groups and the names of the companies selected will be known in a few months. Some have already come forward, according to government sources.

The DRC’s economic growth for the next three years is estimated at around 6.3% per year, according to the Medium-Term Budgetary Framework, a document that defines the public finance trajectory envisaged for the period from 2022 to 2024.

This growth would be driven mainly by the extractive industries. The Ministry of Hydrocarbons contributes about 10% to the national budget.

About Khalid Al Mouahidi 4421 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network