Angola and DRC Establish Cooperation on Offshore Block 14 During AOG 2024 Conference

Angola and the DRC signed a co-development agreement for offshore Block 14 at the AOG 2024 conference, with production capacity estimated at 3.29 million barrels per year. The agreement, signed by the respective ministers of oil and hydrocarbons, aims to leverage Angolan experience for mutual benefit. A related agreement was also signed to enhance cooperation in finance and investment between the two countries.

During the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2, Angola’s Ministry of Mineral Resources, Oil and Gas and the Democratic Republic of the Congo’s (DRC) Ministry of Hydrocarbons formalized a significant agreement concerning the co-development of offshore Block 14. Minister Diamantino Azevedo from Angola and Minister Aimé Sakombi Molendo from the DRC signed the agreement during the opening ceremony of the conference. Block 14, which is strategically situated across the maritime border of Angola and the DRC, is noted for its substantial production capacity of approximately 3.29 million barrels per year. The block is being operated by Chevron’s local subsidiary, the Cabinda Gulf Oil Company, alongside its partners, which include Eni, etu energias, and Angola’s national oil company, Sonangol. Minister Azevedo remarked on the significance of this agreement, stating, “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.” In addition to the agreement on Block 14, another collaboration was established between the finance ministries of both countries aimed at enhancing cooperation in commerce, business, and investment. This agreement, signed by Minister Vera Esperança dos Santos Daves de Sousa of Angola and Minister Nicolas Kazadi of the DRC, seeks to promote innovation and establish robust financial standards while fostering socioeconomic development within the two nations.

The signing of this agreement at the AOG 2024 conference highlights a pivotal moment in the partnership between Angola and the Democratic Republic of the Congo in the oil sector. Block 14 represents a key asset in the shared maritime area, with its substantial oil production capabilities expected to enhance the economic prospects of both countries. The collaboration not only focuses on oil extraction but also encompasses broader financial and economic cooperation, indicating a strategic approach to resource management and development in the region.

In conclusion, the recent agreements between Angola and the DRC signify a forward-looking approach towards enhanced cooperation in the energy sector, particularly in the co-development of offshore Block 14. By sharing resources and expertise, both countries aim to maximize the potential of this critical asset. Furthermore, the financial cooperation agreement lays the groundwork for expanded economic ties, potentially leading to significant improvements in investment and business opportunities. The collaborative efforts of both nations are likely to yield fruitful results in the coming years, bolstering their respective economies and promoting regional stability.

Original Source: www.zawya.com