Angola and the Democratic Republic of the Congo have signed a new agreement for the co-development of offshore Block 14 during the Angola Oil & Gas 2024 conference. Block 14, which lies between the two countries, has a production capacity of 3.29 million barrels per year, operated by Chevron and other partners. The agreement sets the conditions for activities in the shared zone.
On Wednesday, during the opening ceremony of the Angola Oil & Gas (AOG) 2024 conference in Luanda, Angola’s Ministry of Mineral Resources, Oil and Gas and the Democratic Republic of the Congo’s Ministry of Hydrocarbons formalized a new agreement regarding the co-development of offshore Block 14. This offshore block, which spans the maritime boundary between Angola and the DRC, has an impressive production capacity of 3.29 million barrels per year. Chevron’s local subsidiary, Cabinda Gulf Oil Company, oversees operations in collaboration with partners including Eni, etu energias, and Angola’s national oil corporation, Sonangol. The signing of this agreement was conducted by Angola’s Minister of Mineral Resources and Oil, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo. Minister Azevedo confirmed that the agreement establishes the conditions governing all activities within this shared maritime zone.
Offshore Block 14 plays a significant role in the oil production landscape of the region, highlighting the strong cooperative ties between Angola and the Democratic Republic of the Congo in managing shared natural resources. The strategic significance of this agreement lies in its potential to boost the economies of both nations by enhancing hydrocarbon production capabilities and fostering collaboration between local and international oil firms. The block’s substantial production capacity of 3.29 million barrels annually positions it as a vital asset in the energy sector of both countries, especially as they seek to optimize resource extraction and management through diplomatic and economic partnerships.
The recent agreement signed between Angola and the DRC marks a pivotal moment for the co-development of offshore Block 14, which has the potential to significantly boost oil production in the region. By establishing clear operational terms for this shared resource, both nations reaffirm their commitment to collaboration in the energy sector. As the industry continues to evolve, the strengthening of partnerships and resources between Angola and the DRC could lead to increased economic growth and stability for both countries.
Original Source: www.zawya.com
