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$650 Billion Worth of Oil Reserves Are Being Auctioned in Congo

  • Preliminary data show oil worth $650 billion at current prices
  • Data dependent on confirming economically profitable deposits

Oil blocks that the Democratic Republic of Congo plans to auction have reserves estimated at 16 billion barrels that would be worth more than $650 billion at current prices, according to the country’s oil minister.

Preliminary data compiled by Texas-based GeoSigmoid still need to be confirmed by further exploration and “the discovery of economically profitable hydrocarbon deposits,” Minister Didier Budimbu said Saturday in a speech announcing the results. The estimates are based on an oil recovery rate of 35% and an average price of $107 a barrel.