DRC’s Oil industry yielded a meager USD 364.6 million From 2020 to 2021
Counted among the countries of the continent with an oil potential capable of revolutionizing its entire economic sector, the Democratic Republic of Congo (DRC) still does not attract great benefits from this sector.
According to the Extractive Industries Transparency Initiative (EITI) report, between 2020 and 2021, the DRC’s oil sector brought in only USD 364.6 million to the public treasury. A modest sum that does not reflect the oil potential of the country estimated at more than 22 billion barrels of oil.
The EITI document informs that in 2020, the Congolese oil industry generated 123.7 million US dollars against 240.9 million USD in 2021.
This low performance of the oil industry should revive the debate on the sale, by the Congolese Government, of 27 oil blocks and three gas as decided since July of the year 2022.
To date, the Democratic Republic of Congo exploits only 4.5% of its hydrocarbon potential, notably with exploration and production in Moanda by the company PERENCO, whose capacity is limited to approximately 22,000 barrels of oil per day.
In its vision to make the Hydrocarbons sector one of the key sectors for the diversification of the economy, the Congolese Government aims to achieve a production of 200,000 barrels per day.
Despite the desire expressed by the Congolese Government, with a view of course to diversifying its economy, these calls for tenders for the sale of oil blocks have been undermined by several international organizations without clear proposals in terms of compensation to fight against the poverty that plagues the Democratic Republic of Congo (DRC).
