Angola and the Democratic Republic of the Congo have signed new terms for the co-development of Offshore Block 14 during the AOG 2024 conference. The agreement aims to enhance oil production, with Block 14 capable of producing 3.29 million barrels per year. A second agreement further promotes cooperation in commerce and investment between the two countries.
On October 2, during the opening session of the Angola Oil & Gas (AOG) 2024 conference in Luanda, Angola’s Ministry of Mineral Resources, Oil and Gas and the Ministry of Hydrocarbons from the Democratic Republic of the Congo (DRC) executed a pivotal agreement regarding the co-development of Offshore Block 14. This significant accord was signed by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and his counterpart from the DRC, Minister Aimé Sakombi Molendo. Block 14, which straddles the maritime boundaries of both nations, possesses a remarkable production capacity estimated at 3.29 million barrels per annum. This deepwater area is operated by the Cabinda Gulf Oil Company, a local subsidiary of Chevron, in conjunction with Eni, etu energias, and Angola’s national oil corporation, Sonangol. Minister Azevedo remarked, “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 finalized between the financial ministries of both countries, aimed at enhancing cooperation in commerce, business, and investment. This agreement was formalized between Angola’s Minister of Finance, Vera Esperança dos Santos Daves de Sousa, and Congolese Minister of Finance, Nicolas Kazadi. The goals of this agreement include promoting innovation, establishing financial standards, and fostering socioeconomic development across both nations.
The establishment of new terms for cooperation in Offshore Block 14 enhances the strategic partnership between Angola and the Democratic Republic of the Congo regarding shared natural resources. Offshore Block 14 is critical for both countries, not only because of its substantial oil production potential but also due to the economic implications that the successful co-development can yield. This collaboration is thoughtful in leveraging Angola’s expertise in oil and gas projects while ensuring mutual benefits through shared resources. The supplementary agreement between the two nations’ finance ministries highlights a broader commitment to improve economic ties, which is essential for sustainable development.
The recent agreements signed between Angola and the DRC mark a significant step towards enhanced collaboration in oil exploration and economic development. As both nations seek to maximize the potential of Offshore Block 14, the partnership promises to leverage Angola’s experiences while fostering mutual benefits through shared development efforts. These agreements not only pave the way for increased oil production but also signal a commitment to socio-economic advancement through improved commercial practices.
Original Source: www.africa.com
