DRC cancels auction of 27 oil blocks

The Democratic Republic of Congo (DRC) has cancelled the auction of 27 sites earmarked for oil exploration, its government said, citing late bids and a lack of competition.

The auction of these sites, known as oil blocks, was launched two years ago but was cancelled because it was not as successful as expected and a new auction will be held, Oil Minister Aime Sakombi Molendo said in a statement. He gave no details on the timetable or the…