Angola and the Democratic Republic of Congo have signed new terms for the co-development of offshore Block 14 during the AOG 2024 conference. The agreement allows for collaborative efforts in oil production with an annual capacity of 3.29 million barrels. Additionally, a separate agreement was made to enhance financial cooperation between the two nations to foster economic development.
In a significant development, Angola and the Democratic Republic of Congo (DRC) have formalized new terms for the joint development of offshore Block 14. This agreement was executed during the inaugural ceremony of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2. The contract was signed by the Minister of Mineral Resources, Oil and Gas of Angola, Mr. Diamantino Azevedo, and the Minister of Hydrocarbons of the DRC, Mr. Aimé Sakombi Molendo. Block 14, located at the maritime boundary of Angola and the DRC, is estimated to have an annual production capacity of approximately 3.29 million barrels of oil. The operational oversight of this deepwater block falls under Chevron’s local subsidiary, Cabinda Gulf Oil Company, in association with its partners Eni, etu energias, and Sonangol, Angola’s national oil company. Minister Azevedo remarked on the significance of the agreements, 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.” Additionally, a second agreement was concluded between the ministries of finance from both nations during the AOG 2024. This accord aims to enhance cooperation in commerce, business, and investment sectors. It was officiated by Angola’s Minister of Finance, Ms. Vera Esperança dos Santos Daves de Sousa, and the DRC’s Minister of Finance, Mr. Nicolas Kazadi. The agreement is expected to foster innovation, improve financial standards, and contribute to the socioeconomic development of both nations.
The collaboration between Angola and the DRC in developing offshore Block 14 represents a crucial step in strengthening bilateral relations and harnessing natural resources effectively. Block 14 is strategically positioned along the maritime border of the two countries, offering substantial potential for oil production, which is vital to both economies. Angola has a well-established history in managing similar projects, and this agreement underscores the commitment of both nations to unify their efforts in maximizing resource extraction while improving economic ties. Additionally, the financial cooperation agreement further suggests a holistic approach toward economic advancement and stability in the region.
In conclusion, the recent agreements signed between Angola and the DRC mark a pivotal advancement in their cooperative efforts surrounding offshore Block 14. This not only establishes clear operational frameworks for oil production but also enhances financial cooperation that aims to bolster commerce and investment between the two countries. Minister Azevedo’s assurances about leveraging Angola’s expertise are promising indications of collaborative progress, which could significantly benefit both nations by optimizing their natural resources for greater economic growth.
Original Source: www.zawya.com
