Angola and the Democratic Republic of the Congo have signed new agreements for the co-development of offshore Block 14, enhancing their collaboration in the energy sector. The agreements were formalized during the AOG 2024 conference and include terms for shared development and cooperation in finance, commerce, and investment to stimulate economic growth in both countries.
During the opening ceremony of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2, Angola’s Ministry of Mineral Resources, Oil and Gas, in conjunction with the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC), entered into a significant agreement delineating new terms for the co-development of offshore Block 14. The signing of this agreement was performed by Angola’s Minister of Mineral Resources, Oil and Gas, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo. Block 14, a vital energy asset straddling the maritime boundary between Angola and the DRC, has an impressive production capacity of 3.29 million barrels annually. Its operations are managed by the local subsidiary of Chevron, known as the Cabinda Gulf Oil Company, partnering with Eni, etu energias, and Angola’s national oil company, Sonangol. Minister Azevedo stated, “These agreements cover the conditions for all activities in 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 formalized between the respective ministries of finance of Angola and the DRC during the AOG 2024. This accord aims to enhance cooperation in commerce, business, and investment initiatives. The signing was officiated by Angola’s Minister of Finance, Ms. Vera Esperança dos Santos Daves de Sousa, and the Congolese Minister of Finance, Mr. Nicolas Kazadi. This agreement seeks to foster innovation, elevate financial standards, and stimulate socioeconomic development within both nations.
The recent agreement between Angola and the Democratic Republic of the Congo concerning offshore Block 14 signifies a strategic collaboration aimed at enhancing resource development in a region abundant in energy resources. Angola, having experience in offshore oil projects, is poised to share its knowledge with the DRC, which will aid in advancing both countries’ economic landscapes. The collaboration reflects increased diplomatic and economic ties, emphasizing a collective progress in the oil and gas industry. The additional agreement focused on financial cooperation further illustrates the commitment of both nations to work towards mutual growth and innovation, ultimately benefiting their economies and populace.
In conclusion, the signing of the agreements between Angola and the Democratic Republic of the Congo at the AOG 2024 conference marks a pivotal moment in strengthening bilateral relations and fostering economic growth. The co-development of offshore Block 14 not only promises enhanced oil production but also paves the way for further cooperative efforts in commerce, business, and investment. The respective ministries are demonstrating their commitment to leveraging shared resources and expertise to achieve common goals, reinforcing the importance of regional partnerships in the energy sector.
Original Source: www.zawya.com
