Congo ready to rescind two oil licenses
HOUSTON -- The government of Congo has threatened to withdraw two oil exploration licenses awarded to start-up companies, the Financial Times reports Monday, citing the country's incoming oil minister.
According to Crispin Atama Tabe Mogodi, the government would be within its rights to take away Foxwhelp's and Caprikat's rights to explore for oil on the Congo side of the Lake Albertine rift basin.
The award of the rights to these companies, which are both linked to Israeli businessman Dan Gertler, were the subject of an injunction issued by U.K.-based Tullow Oil, which claimed ownership.
While recent exploration on the Ugandan side of the rift basin has led to the discovery of at least 2.5 billion barrels of oil, similar activities on the Congolese side have been hampered by legal battles, civil unrest and security issues.
Dow Jones Newswires