Angola and the DRC have signed a new agreement for the co-development of offshore Block 14, allowing for enhanced collaboration and production capacity of 3.29 million barrels annually. This agreement, along with another promoting economic cooperation, was formalized at the Angola Oil & Gas 2024 conference, emphasizing a commitment to leveraging each country’s strengths for mutual success.
The Ministry of Mineral Resources, Oil and Gas of Angola and the Ministry of Hydrocarbons of the Democratic Republic of Congo (DRC) have reached a significant milestone by signing an agreement that outlines new terms for the co-development of offshore Block 14. This pivotal agreement was formalized during the inaugural session of the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2. 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. Positioned at the maritime frontier shared by Angola and the DRC, Block 14 is characterized by its impressive production capability of approximately 3.29 million barrels annually. This deepwater block is managed by Chevron’s local subsidiary, the Cabinda Gulf Oil Company, in partnership with esteemed entities such as Eni, etu energias, and Angola’s national oil firm, Sonangol. In discussing the cooperation between the two nations, Minister Azevedo emphasized, “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 supplementary agreement was forged between the finance ministries of both countries to enhance collaborative efforts in commercial activities, business, and investment. This accord, sanctioned by Angola’s Minister of Finance, Ms. Vera Esperança dos Santos Daves de Sousa, and the DRC’s Minister of Finance, Mr. Nicolas Kazadi, aims to cultivate innovation, elevate financial standards, and promote socioeconomic growth within both nations.
The recent agreement between Angola and the DRC signifies a vital step toward collaborative energy development in the region, particularly focusing on offshore resources. Angola has a rich history in oil production, and this partnership with the DRC enables both countries to harness their respective strengths for mutual benefit. Offshore Block 14’s current operation by prominent companies highlights the potential for increased production and economic development. The focus on financial cooperation in addition to energy signifies a holistic approach to enhancing the economic landscape of both countries.
In conclusion, the signing of the new terms for offshore Block 14 marks a pivotal moment in the cooperative relationship between Angola and the DRC. This agreement is not just limited to oil and gas development but extends to fostering broader economic collaboration through financial agreements. The shared vision articulated by both ministers underlines the potential for these countries to realize significant progress through joint development ventures, benefitting both economies in the long run.
Original Source: www.zawya.com
