Angola and the DRC have signed a new agreement for the co-development of offshore Block 14, aimed at regulating activities in the shared maritime territory. The block, which has a production capacity of 3.29 million barrels annually, is operated by Chevron’s local subsidiary alongside several partners. The agreement was signed during the Angola Oil & Gas 2024 conference in Luanda.
On Wednesday, during the commencement of the Angola Oil & Gas (AOG) 2024 conference in Luanda, a significant agreement was ratified by Angola’s Ministry of Mineral Resources, Oil and Gas and the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC). This agreement delineates updated terms for the co-development of the offshore Block 14, which is situated along the maritime border between Angola and the DRC. Block 14 is notable for its impressive production capacity, estimated at 3.29 million barrels annually. The block is managed by Chevron’s local subsidiary, the Cabinda Gulf Oil Company, in collaboration with partners such as Eni, etu energias, and Angola’s national oil company, Sonangol. The signing ceremony featured Angola’s Minister of Mineral Resources, Oil and Gas, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo, who articulated the terms governing all operations within this shared zone.
The recent agreement regarding offshore Block 14 epitomizes the collaborative efforts between Angola and the Democratic Republic of the Congo (DRC) in enhancing economic development through shared natural resources. Offshore Block 14 represents a lucrative opportunity for both nations due to its substantial production capacity. Angola’s active engagement in the oil and gas sector, coupled with the strategic importance of Block 14, underscores its potential for boosting joint economic interests in the region. The partnership with prominent oil companies such as Chevron, Eni, and Sonangol illustrates the value of international cooperation in harnessing natural resources effectively.
In conclusion, the newly established agreement for the co-development of offshore Block 14 is a pivotal development in the collaboration between Angola and the DRC. It signifies a commitment to optimizing oil production in the shared maritime zone, which has the potential to foster economic growth and bolster regional ties. With a collective capacity of 3.29 million barrels per year, this initiative represents a strategic step towards sustainable resource management and utilization.
Original Source: www.zawya.com
