Angola and DRC Formalize Co-Development Agreement for Offshore Block 14

Angola and the DRC have signed a new agreement for the co-development of Offshore Block 14, which has a production capacity of 3.29 million barrels per year. The agreement was signed during the Angola Oil & Gas conference and outlines the regulatory framework for joint operations in the shared maritime area.

The Ministry of Mineral Resources, Oil and Gas of Angola and the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC) recently formalized a new agreement regarding the co-development of Offshore Block 14. The signing took place during the inaugural ceremony of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on Wednesday. Offshore Block 14, which spans the maritime border of Angola and the DRC, has an impressive production capacity estimated at 3.29 million barrels annually. This deepwater block is currently 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 agreement was executed by Minister Diamantino Azevedo of Angola and Minister Aimé Sakombi Molendo of the DRC. Minister Azevedo emphasized that this agreement outlines the regulatory framework for all operations within the shared zone, aiming to strengthen cooperation between the two nations in managing their offshore resources effectively.

The co-development of offshore oil blocks has significant implications for the economies of both Angola and the DRC. As the two countries share maritime boundaries, it is imperative to establish agreements that ensure mutual benefits while promoting sustainable practices in resource management. Offshore Block 14, with its substantial production capacity, represents a valuable asset for both nations, facilitating economic growth, job creation, and energy security in the region.

The recent agreement between Angola and the DRC signifies a vital step towards enhanced collaboration in the oil sector. By establishing clear regulatory conditions for co-development in Offshore Block 14, both nations aim to optimize the exploitation of their shared resources, ensuring economic development while fostering international cooperation.

Original Source: www.zawya.com

About Marcus Chen

Marcus Chen has a rich background in multimedia journalism, having worked for several prominent news organizations across Asia and North America. His unique ability to bridge cultural gaps enables him to report on global issues with sensitivity and insight. He holds a Bachelor of Arts in Journalism from the University of California, Berkeley, and has reported from conflict zones, bringing forth stories that resonate with readers worldwide.

View all posts by Marcus Chen →

Leave a Reply

Your email address will not be published. Required fields are marked *