Angola and DRC Formalize Agreement for Offshore Block 14…

Angola and the DRC signed a significant agreement at the Angola Oil & Gas 2024 conference for the co-development of Offshore Block 14, enhancing their collaborative efforts in the oil and gas sector. The agreement promotes strategic cooperation while fostering economic growth through a separate financial agreement aimed at improving trade and investment exchanges.

On October 2, 2024, during the inauguration of the Angola Oil & Gas (AOG) conference in Luanda, Angola’s Ministry of Mineral Resources, Oil and Gas finalized a new agreement with the Democratic Republic of the Congo (DRC) regarding the co-development of Offshore Block 14. This pivotal agreement was signed by Angola’s Minister of Mineral Resources, Oil and Gas, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo. Offshore Block 14, which straddles the maritime border of Angola and the DRC, has a production capacity estimated at 3.29 million barrels per year. The area is operated by the local subsidiary of Chevron, the Cabinda Gulf Oil Company, in association with partners including Eni, etu energias, and Sonangol, the national oil corporation of Angola. Minister Azevedo emphasized the importance of the agreements, 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.” Additionally, a supplementary agreement was established between the ministries of finance of both countries aimed at enhancing cooperation in commerce, business, and investment sectors. This agreement was formalized by Angola’s Minister of Finance, Ms. Vera Esperança dos Santos Daves de Sousa, and Mr. Nicolas Kazadi, the Congolese Minister of Finance. The intent of this collaboration is to foster innovation, elevate financial standards, and contribute to the socioeconomic development of both national contexts.

The recent agreement between Angola and the DRC for the co-development of Offshore Block 14 marks a significant step in enhancing bilateral cooperation in the oil and gas sector. The partnership leverages the resources available in deepwater zones, which is crucial due to the increasing global demand for oil. Offshore Block 14, with its substantial production capacity, is strategically important for both nations, as they aim to maximize benefits through joint administration and expertise. In addition, the financial agreement underscores a broader commitment to mutual socio-economic advancement, facilitating improved trade and investment opportunities.

In summary, the signing of the new agreement for Offshore Block 14 between Angola and the DRC represents a major development in their collaborative efforts in the oil and gas sector. The agreement is not only expected to increase production efficiency but also enhance cooperation in commerce and financial standards, fostering socioeconomic growth in both countries. The commitment to leveraging each country’s expertise is a promising step toward realizing their joint aspirations in the energy landscape.

Original Source: www.zawya.com