Congo Nears Settlement of $619 Million Oil Arbitration Dispute
- DIG Oil to get $300 million in cash, mining and oil permits
- Company to halt enforcement with payment, permit talks ongoing
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The Democratic Republic of Congo is considering settling a $619 million arbitration case by awarding a South African junior oil company almost half that amount in cash and new oil and mining permits.
The settlement with DIG Oil Ltd. would resolve a 13-year dispute over oil licenses in the central African nation. The Johannesburg-based company won the award in 2018 at an arbitration court in France that found Congo failed to honor two production-sharing agreements approved by former President Joseph Kabila’s administration.