Angola and the Democratic Republic of the Congo have established new terms for the co-development of Offshore Block 14, with an annual production capacity of 3.29 million barrels. The agreement, signed at the AOG 2024 conference, aims to strengthen collaboration in oil production and enhance cooperation in commerce and finance to drive socioeconomic development.
During the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2, Angola’s Ministry of Mineral Resources, Oil and Gas, in collaboration with the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC), formalized new terms for the co-development of Offshore Block 14. The agreement was executed by Angola’s Minister of Mineral Resources, Oil and Gas, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo. Block 14, strategically positioned across the maritime border shared by Angola and the DRC, has an impressive production capacity of 3.29 million barrels per year. The operation of this deepwater block is conducted by Chevron’s local subsidiary, Cabinda Gulf Oil Company, in partnership with Eni, etu energias, and Sonangol, the Angolan national oil company. In highlighting the importance of this development, 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.” Additionally, at the AOG 2024, a second agreement was signed between the respective ministries of finance from both countries. This agreement, signed by Angola’s Minister of Finance, Ms. Vera Esperança dos Santos Daves de Sousa, and the Congolese Minister of Finance, Mr. Nicolas Kazadi, aims to enhance cooperation in various fields including commerce, business, and investment. The agreement is expected to contribute to advancing financial standards and promoting socioeconomic development in both nations.
The recent agreement between Angola and the Democratic Republic of the Congo addresses collaborative efforts in the area of offshore oil development, specifically related to Offshore Block 14. This offshore block, which has significant production capabilities, reflects an important cross-border economic partnership aimed at leveraging the respective strengths of both nations in the oil and gas sector. Angola, a country with established oil production expertise, seeks to apply its experience to foster joint ventures that can enhance revenue and technological exchange in collaboration with the DRC, which is focused on developing its hydrocarbon potential.
The signing of the agreement at the Angola Oil & Gas (AOG) 2024 conference signifies a crucial step towards enhancing bilateral cooperation between Angola and the Democratic Republic of the Congo in the oil and gas sector. With the commitment to co-develop Offshore Block 14 and promote financial cooperation, both nations aspire to unlock economic opportunities that can lead to sustainable development and innovation within the region.
Original Source: www.zawya.com
