Angola and the DRC have signed a new agreement for the co-development of offshore Block 14, which has a production capacity of 3.29 million barrels per year. The agreement was established during the AOG 2024 conference and involves significant partners including Chevron and Sonangol.
On Wednesday, during the opening ceremony of the Angola Oil & Gas (AOG) 2024 conference held in Luanda, Angola’s Ministry of Mineral Resources, Oil and Gas, in collaboration with the Democratic Republic of the Congo’s (DRC) Ministry of Hydrocarbons, formalized an agreement delineating new terms for the joint development of offshore Block 14. This strategic block, which is situated across the maritime border between Angola and the DRC, is noted for its substantial production capacity of 3.29 million barrels per year. The region is operated by the Cabinda Gulf Oil Company, a subsidiary of Chevron, with support from partners including Eni, etu energias, and Sonangol, the Angolan national oil corporation. The agreement was signed by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Aimé Sakombi Molendo. Minister Azevedo affirmed that the agreement stipulates the conditions governing all activities within the shared zone.
The signing of this agreement marks a significant milestone in the cooperative efforts between Angola and the DRC regarding resource development in offshore Block 14. The block plays a crucial role in the energy sector for both countries, given its impressive production capacity. Chevron’s involvement through its subsidiary, alongside prominent partners, underscores the importance of collaborative ventures in the effective management and exploration of natural resources. Historically, the partnership between Angola and the DRC in this sector has fostered economic growth and enhanced energy security.
In summary, the collaborative agreement between Angola and the Democratic Republic of the Congo regarding offshore Block 14 signifies a pivotal move towards enhanced resource management and development in the region. The agreement aims to streamline operations and establish a framework for joint activities, thereby potentially increasing the production efficiency and economic benefits for both nations.
Original Source: www.zawya.com
