Angola and DRC Forge New Agreement for Offshore Block 14…

Angola and the DRC have signed a crucial agreement for the co-development of Offshore Block 14, enhancing cooperation in energy production with a capacity of 3.29 million barrels per year. Additionally, both nations’ finance ministries formalized an agreement to promote collaboration in trade and investment, aimed at fostering innovation and socioeconomic development.

The Ministries of Mineral Resources, Oil and Gas of Angola and Hydrocarbons of the Democratic Republic of the Congo (DRC) have formalized an agreement outlining new operational terms for the co-development of Offshore Block 14. This agreement was executed at the opening ceremony of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2, with Angola’s Minister of Mineral Resources, Oil and Gas, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo, in attendance. Offshore Block 14, located along the maritime boundary between Angola and the DRC, is noted for its significant production capacity of 3.29 million barrels annually. The block is operated by Chevron’s local subsidiary, Cabinda Gulf Oil Company, in collaboration with partners including Eni, etu energias, and the Angolan 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.” Furthermore, a second agreement was signed between the respective finance ministries of Angola and the DRC to enhance collaboration in trade, business, and investment sectors. This agreement was formalized by Angola’s Minister of Finance, Mrs. Vera Esperança dos Santos Daves de Sousa, and Congo’s Minister of Finance, Mr. Nicolas Kazadi. This initiative aims to foster innovation, establish financial standards, and drive socioeconomic development within both nations.

Angola and the Democratic Republic of the Congo (DRC) are both resource-rich nations in Africa with significant offshore oil reserves. The co-development of offshore Block 14 represents a collaborative effort to maximize extraction and production capacities while fostering bilateral relations between the two countries. Block 14, identified for its substantial oil production potential, serves as a critical component in the energy strategies of both nations. The agreement signed at the Angola Oil & Gas 2024 conference illustrates a commitment to joint development efforts in the energy sector while providing a framework for enhanced cooperation in diverse sectors, such as finance and investment, leading to broader economic development.

The recent agreements signed between Angola and the DRC signify a pivotal step towards deepened cooperation in energy and economic development. By outlining the operational framework for Offshore Block 14 and improving financial collaboration, both nations aim to leverage their resources for mutual benefit and progress. The commitment illustrated by both countries’ ministers indicates a strategic partnership that could lead to enhanced production capabilities and socioeconomic advancements.

Original Source: www.africa.com