Angola and the Democratic Republic of Congo Establish Co-Development Terms for Offshore Block 14

Angola and the Democratic Republic of the Congo (DRC) have signed an agreement to co-develop Offshore Block 14, enhancing cooperation in the energy sector. The agreement, formalized at the Angola Oil & Gas (AOG) 2024 conference, involves key stakeholders including Chevron and aims to optimize production capacity of 3.29 million barrels annually. A supplementary agreement on commerce and finance cooperation was also established, fostering innovation and socioeconomic development.

The Ministry of Mineral Resources, Oil and Gas of Angola, together with the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC), has established new terms for the co-development of Offshore Block 14. This significant agreement was officially signed during the inaugural session of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2, 2023. The signing was officiated by Mr. Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil and Gas, and Mr. Aimé Sakombi Molendo, Minister of Hydrocarbons of the DRC. Block 14, which spans the maritime boundary between Angola and the DRC, has an impressive production capability of 3.29 million barrels annually. Operations of this deepwater block are managed by the Cabinda Gulf Oil Company, a subsidiary of Chevron, in cooperation with other partners including Eni, etu energias, and the Angolan national oil company, Sonangol. During the signing ceremony, Minister Azevedo remarked, “These agreements cover the conditions for all activities for the common zone. With our new dynamics, we will realize the dream of both countries. Angola already has experience on such projects, and we will work with the DRC to leverage this experience on the project.” Furthermore, a second agreement aimed at enhancing collaboration in commerce, business, and investment between the two nations was also ratified. This agreement was signed by the Minister of Finance of Angola, Ms. Vera Esperança dos Santos Daves de Sousa, and Mr. Nicolas Kazadi, the Minister of Finance of the DRC. This initiative is expected to foster innovation, establish financial standards, and promote socioeconomic growth in both countries.

The signing of the agreement regarding Offshore Block 14 underscores the commitment of Angola and the Democratic Republic of the Congo to work collaboratively in the energy sector. Offshore Block 14 is crucial for both nations due to its significant production capacity, which is pivotal for their economies reliant on oil revenues. The presence of key operators such as Chevron and local partners enables the sharing of technology and expertise, aiming to maximize the potential of this maritime resource. Additionally, the parallel agreement between the ministries of finance is indicative of a broader strategy to enhance bilateral relations and economic cooperation.

In conclusion, the newly established terms for the co-development of Offshore Block 14 between Angola and the DRC signify a progressive step towards strengthened bilateral relations in the energy sector. The agreements aim not only to utilize the abundant resources of Block 14 but also to enhance collaboration in commerce and investment, which could lead to sustainable socioeconomic development for both countries. Such initiatives lay a foundation for future cooperation that may further benefit both Angola and the DRC in the realm of mineral resource development and financial integration.

Original Source: www.africa.com