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, with a production capacity of 3.29 million barrels per year. The deal was formalized during the AOG 2024 conference in Luanda, with key ministers from both countries involved in the signing.
The Angolan Ministry of Mineral Resources, Oil and Gas in conjunction with the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC) has formalized a new agreement for the co-development of offshore Block 14. This significant accord was endorsed at the opening ceremony of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on Wednesday. Block 14, which straddles the maritime border between Angola and the DRC, is recognized for its substantial production capacity of 3.29 million barrels per year. The block is managed by Chevron’s local subsidiary, the Cabinda Gulf Oil Company, in partnership with Eni, etu energias, and the Angolan national oil corporation, Sonangol. The agreement was signed by Minister Diamantino Azevedo of Angola and Minister Aimé Sakombi Molendo of the DRC, with Minister Azevedo detailing that the agreement delineates the operational terms for activities in this shared maritime zone.
Block 14 is positioned strategically between Angola and the DRC, offering significant economic potential through its oil extraction capabilities. The agreement signifies a collaborative effort to optimize resource management and operational efficiency in offshore oil production, which is vital for the economies of both nations. The involvement of recognized industry players such as Chevron and Sonangol further underscores the importance of this offshore block to regional energy strategies.
In summary, the recent agreement between Angola and the DRC regarding the co-development of offshore Block 14 highlights both nations’ commitment to enhancing their energy sector capacities through collaborative ventures. The operational framework established by this accord aims to ensure efficient resource management and heightens the economic importance of the maritime zone to both countries.
Original Source: www.zawya.com
