Angola and the Democratic Republic of the Congo (DRC) have signed a new co-development agreement for offshore Block 14 during the Angola Oil & Gas (AOG) 2024 conference. This strategic block, operated by Chevron and partners, has a production capacity of 3.29 million barrels per year. Additionally, both countries’ finance ministries agreed to enhance cooperation in commerce and investment, aiming for economic growth and innovation.
During the Angola Oil & Gas (AOG) 2024 conference, held in Luanda on October 2, Angola’s Ministry of Mineral Resources, Oil and Gas and the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC) formalized a new agreement regarding the co-development of offshore Block 14. The signing ceremony was attended 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 is strategically located across the maritime boundary between Angola and the DRC, has a notable production capacity estimated at 3.29 million barrels annually. The operation of this deepwater block is managed by the Cabinda Gulf Oil Company, a local subsidiary of Chevron, in collaboration with partners including Eni, etu energias, and Angola’s national oil enterprise, Sonangol. Minister Azevedo expressed the significance of the agreement, 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.” In addition to the agreement concerning Block 14, a further pact was established between the respective finance ministries of Angola and the DRC, aimed at enhancing cooperative initiatives in commerce, business, and investment. This cooperative agreement was signed by Angola’s Minister of Finance, Ms. Vera Esperança dos Santos Daves de Sousa, and the Congolese Minister of Finance, Mr. Nicolas Kazadi, and is expected to foster innovation, establish robust financial standards, and promote socioeconomic development between the two nations.
The recent agreement between Angola and the Democratic Republic of the Congo (DRC) regarding offshore Block 14 represents significant progress in the collaboration between the two countries in the oil and gas sector. Located at the maritime border, this region is vital for both Angola and the DRC’s economic development, given its substantial production capacity. The project involves major stakeholders, including multinational corporations like Chevron and Eni, alongside national companies such as Sonangol. Furthermore, the concurrent agreement between the finance ministries underscores a commitment to boosting bilateral relations through economic cooperation and investment initiatives that align with regional development goals.
In conclusion, the newly signed agreements during the Angola Oil & Gas (AOG) 2024 conference mark a significant step forward in the collaborative efforts between Angola and the DRC, particularly in the development of offshore Block 14. Through the combined expertise and resources of both nations, there is potential for enhanced output and mutual economic benefits. The financial cooperation agreement further reinforces their commitment to fostering innovation and socio-economic advancement, ultimately contributing to the development trajectories of both countries.
Original Source: www.africa.com
