Angola and the Democratic Republic of Congo have signed agreements for the co-development of Offshore Block 14, which has a production capacity of 3.29 million barrels per year. The agreements, signed during the Angola Oil & Gas 2024 conference, aim to enhance bilateral cooperation in the fields of hydrocarbons and finance, promoting socioeconomic development.
The governments of Angola and the Democratic Republic of Congo (DRC) have officially established new terms for the collaborative development of Offshore Block 14, which extends across the maritime border between the two nations. This agreement was formalized during the opening ceremony of the Angola Oil & Gas (AOG) 2024 Conference held on October 2 in Luanda. The signing was conducted by Angola’s Minister of Mineral Resources, Oil and Gas, Honorable Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Honorable Aimé Sakombi Molendo. Offshore Block 14 is notable for its significant production capacity, boasting an output of 3.29 million barrels of oil per year. Chevron’s local affiliate, the Cabinda Gulf Oil Company, manages this deepwater block in conjunction with partners such as Eni, etu energias, and Angola’s national oil firm, Sonangol. Minister Azevedo expressed optimism regarding the partnership, stating that the agreements will facilitate activities within the shared region. “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,” he remarked. In addition to the offshore agreement, a complementary accord between the ministries of finance from both nations was signed, intended to enhance collaboration in commercial, business, and investment domains. This agreement was co-signed by Angola’s Minister of Finance, Honorable Vera Esperança dos Santos Daves de Sousa, and the Congolese Minister of Finance, Honorable Nicolas Kazadi. The focus of this financial cooperation is anticipated to foster innovation, refine financial standards, and promote socioeconomic development within both countries.
The signing of new terms for the co-development of Offshore Block 14 signifies a pivotal moment in the bilateral relations of Angola and the Democratic Republic of Congo (DRC). Offshore Block 14, located at the maritime boundary of the two nations, is a crucial asset with a substantial oil production capacity. This conference serves as an important platform for discussing energy developments in Africa, particularly as the continent seeks to bolster its oil and gas sector amid global energy transitions. The collaboration is expected to leverage Angola’s extensive experience in oil exploration, promising mutual benefits for both countries. Furthermore, the agreement between the finance ministries reflects a deeper economic integration aimed at fostering growth and development alongside the oil sector’s potential.
In summary, the recent agreements reached between Angola and the Democratic Republic of Congo mark a significant advancement in their partnership, particularly regarding the co-development of Offshore Block 14, which has a robust production capacity. This initiative is further supported by a strategic financial cooperation agreement, signifying strengthened relations aimed at fostering economic progress and shared prosperity. The intentions expressed by the respective ministers underscore the commitment to working collaboratively to realize the potential benefits of these ventures for both nations.
Original Source: www.africa.com
