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Bloomberg
Total SA, the only oil major exploring for crude in the Democratic Republic of Congo, indicated it’s pulling out of a block in the central African nation, one of its partners said.
The French company has been searching for oil in Block 3 in eastern Congo since March 2011. Its license for the field, near the border with Uganda, initially expired in January 2016 and has been extended several times, including this month.
Efora Energy Ltd., based in Johannesburg, closely held South African company Divine Inspiration Group Ltd. and the Congolese government are partners in the block. The area may contain as much as 1.2 billion recoverable barrels of oil, according to Efora’s estimates.