Angola and DRC Formalize Agreement for Offshore Block 14 Development at AOG 2024

Angola and the DRC have signed new terms for offshore Block 14 during the AOG 2024 conference, overseeing its co-development with an annual production capacity of 3.29 million barrels. The agreement aims to leverage Angola’s experience in oil projects, and a complementary agreement on economic cooperation was also established.

At the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2, Angola’s Ministry of Mineral Resources, Oil and Gas, and the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC) have entered into a significant agreement governing the co-development of offshore Block 14. The agreement was formalized by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Aimé Sakombi Molendo. Block 14, located at the maritime border of Angola and the DRC, has a notable production capacity of 3.29 million barrels per year. This deepwater block is operated by Chevron’s local subsidiary, the Cabinda Gulf Oil Company, in collaboration with partners including Eni, etu energias, and the Angolan national oil company, Sonangol. Minister Azevedo remarked on the shared ambitions of both nations, stating, “These agreements cover the conditions for all activities for the common zone… we will work with the DRC to leverage this experience on the project.” Additionally, a second agreement was signed by the respective finance ministries of the two nations to enhance cooperation in commerce, business, and investment, aimed at fostering innovation and socioeconomic development.

The agreement on offshore Block 14 represents a substantial step forward in the collaboration between Angola and the Democratic Republic of the Congo in the oil sector. Given Angola’s extensive experience in managing oil projects, this partnership allows for knowledge sharing and enhances operational synergies. The significance of Block 14 cannot be understated, as it plays a critical role in securing both nations’ economic aspirations while contributing to the stability of energy production in the region. Furthermore, the signing of a finance cooperation agreement signifies a holistic approach to strengthening bilateral relations beyond the oil sector, aiming at broader economic integration and development initiatives.

In summary, the signing of the agreements between Angola and the DRC at the AOG 2024 conference marks an important milestone in the collaboration on offshore Block 14. With a robust production capacity and a strategic partnership, both countries are poised to enhance their energy sectors and stimulate economic growth. Furthermore, the additional agreement between the finance ministries underscores a commitment to fostering a cooperative environment that supports broader economic objectives.

Original Source: www.africa.com