Angola and DRC Formalize Offshore Block 14 Collaboration at AOG 2024
Angola and the DRC have signed a cooperative agreement for the co-development of offshore Block 14, with a production capacity of 3.29 million barrels annually, during the AOG 2024 conference. The agreement aims to enhance regional energy collaboration and includes a second agreement between the finance ministries to bolster economic ties.
In a significant move aimed at fostering collaboration in the energy sector, Angola’s Ministry of Mineral Resources, Oil and Gas, alongside the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC), has formalized an agreement detailing new terms for the co-development of offshore Block 14. This vital agreement was concluded during the inaugural ceremony of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2. The agreement was signed by Mr. Diamantino Azevedo, Angola’s Minister of Mineral Resources, Oil and Gas, and Mr. Aimé Sakombi Molendo, the DRC’s Minister of Hydrocarbons. Block 14, which is strategically located along the maritime boundary shared by Angola and the DRC, has an impressive production capacity of 3.29 million barrels annually. The deepwater block is managed by Chevron’s local subsidiary, the Cabinda Gulf Oil Company, in partnership with Eni, etu energias, and Angola’s national oil company, Sonangol. Minister Azevedo remarked, “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 a separate initiative, representatives from the finance ministries of both nations convened at AOG 2024 to sign an additional agreement, geared towards enhancing cooperation in commerce, business, and investment sectors. This agreement, formalized by Minister Vera Esperança dos Santos Daves de Sousa of Angola and Minister Nicolas Kazadi from the DRC, is anticipated to bolster innovation, establish financial standards, and drive socioeconomic development across the two nations.
The recent agreement signed between Angola and the Democratic Republic of the Congo marks a pivotal development in regional cooperation concerning energy resource management. Offshore Block 14 serves as a significant asset for both countries, located across their maritime boundary. The collaboration not only aims to optimize production capacities in the oil sector, specifically at Block 14, but also sets the stage for enhanced financial synergy and investment advancements that could have broader implications for both nations’ economic growth.
The agreement between Angola and the Democratic Republic of the Congo to co-develop offshore Block 14 signals a commendable step toward collaborative energy management. This initiative is expected to leverage Angola’s existing expertise in oil production while fostering socioeconomic development through enhanced financial cooperation between the two countries. As both nations work to realize their mutual benefits, the potential increase in production capacity and socioeconomic collaboration stands to significantly impact their respective energy sectors.
Original Source: www.africa.com
