Angola and DRC Sign New Agreement for Offshore Block 14 Development

Angola and the DRC have entered into an agreement to update the terms for the co-development of offshore Block 14, which spans the maritime border between the two nations. The agreement was signed by both countries’ respective ministers during the Angola Oil & Gas 2024 conference in Luanda, and Block 14 has a production capacity of 3.29 million barrels annually and is operated by Chevron and its partners.

On Wednesday, during the inaugural ceremony of the Angola Oil & Gas (AOG) 2024 conference in Luanda, Angola’s Ministry of Mineral Resources, Oil and Gas, and the Democratic Republic of the Congo’s (DRC) Ministry of Hydrocarbons formalized an agreement establishing new terms for the collaborative development of offshore Block 14. This strategic agreement was signed by Angola’s Minister of Mineral Resources, Oil and Gas, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo. Block 14, which lies across the maritime border of Angola and the DRC, exhibits a significant production capacity of 3.29 million barrels per year. The deepwater block is administered by Chevron’s local subsidiary, the Cabinda Gulf Oil Company, in partnership with Eni, etu energias, and Sonangol, the Angolan national oil company. Minister Azevedo emphasized that the agreement delineates the conditions governing all operations within the shared region.

The collaborative management of offshore oil resources is crucial for maximizing the economic benefits for both Angola and the DRC. Offshore Block 14 serves as a vital asset due to its considerable production capacity, which can potentially contribute significantly to the energy sector of both nations. By signing this new agreement, Angola and the DRC aim to streamline operations, enhance cooperation, and optimize resource extraction in the shared marine area, thereby fostering stronger bilateral relations and economic growth.

In conclusion, the signing of the agreement between Angola and the DRC for the co-development of offshore Block 14 represents a notable advancement in regional collaboration in the energy sector. By establishing clear terms for joint operations, both countries may significantly enhance their oil production capabilities while ensuring effective management of the shared resources. This initiative is likely to bolster the economic landscape of both nations as they navigate the complexities of offshore oil development.

Original Source: www.zawya.com