Angola and the Democratic Republic of the Congo (DRC) have formalized new terms for the co-development of Offshore Block 14, which has a production capacity of 3.29 million barrels annually. The agreement, signed during the Angola Oil & Gas (AOG) 2024 conference, aims to enhance bilateral cooperation in energy and financial sectors.
The Ministry of Mineral Resources, Oil and Gas of Angola, in conjunction with the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC), has formalized an agreement setting new terms for the co-development of Offshore Block 14. This significant event took place during the inaugural ceremony of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2. The agreement was executed 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, which lies along the maritime boundary between Angola and the DRC, has an impressive annual production capacity of 3.29 million barrels. The deepwater block is managed by the local subsidiary of Chevron, the Cabinda Gulf Oil Company, in partnership with Eni, etu energias, and the Angolan national oil company, Sonangol. Minister Azevedo emphasized, “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 separate agreement was established between the ministries of finance of both nations during AOG 2024. This agreement aims to enhance cooperation in commerce, business, and investment sectors, and was confirmed by Angola’s Minister of Finance, Ms. Vera Esperança dos Santos Daves de Sousa, alongside her Congolese counterpart, Mr. Nicolas Kazadi. The accord is expected to facilitate innovation, establish improved financial standards, and foster socioeconomic growth across the two countries.
The recently signed agreements represent a significant step in strengthening bilateral relations between Angola and the Democratic Republic of the Congo, particularly in the energy sector. Offshore Block 14 is a crucial asset due to its considerable production capacity, and its co-development highlights both countries’ commitment to collaborative economic growth. The agreements not only address the operational aspects of Block 14 but also focus on promoting broader financial and commercial ties.
In conclusion, the new terms for the co-development of Offshore Block 14 mark a pivotal moment in the partnership between Angola and the DRC. Through these agreements, both nations aim to capitalize on their collaborative potential, leveraging Angola’s experience to maximize production efficacy while strengthening economic cooperation through improved financial standards and investment opportunities.
Original Source: www.africa.com
