From Jewish Business News

Israeli billionaire Dan Gertler’s oil company, Oil of DRCongo, on Thursday announced the discovery of some 3 billion barrels of oil in the Democratic Republic of Congo, Reuters reported.

The crude oil was discovered near Lake Albert on Congo’s eastern border with Uganda.

Oil of DRCongo statement reported that an analysis of seismic survey data “indicates around 3 billion barrels of oil in place.” It is not clear how much of that can be accessed.

“These are very positive results from our extensive seismic campaign,” Oil of DRCongo’s CEO Giuseppe Ciccarelli said. “We continue to believe the project has the potential to provide significant revenues,” which will result in benefits to the people of Congo.

Oil of DRCongo said it is preparing for the drilling of two exploration wells on the site. This will require relocating some local communities.

Looks like the people of Congo are already getting some of those benefits…

Congo produces 25,000 barrels of oil per day from onshore and offshore fields in western coastal areas, according to Reuters. The country is looking for ways to seriously increase production in order to relieve poverty.

Read more at Jewish Business News