Angola and the DRC have signed agreements for the joint development of offshore Block 14, enhancing oil production and bilateral cooperation. The accord was signed during the AOG 2024 conference, involving key ministers from both nations, and includes a secondary agreement focused on financial cooperation to spur economic growth.
The Ministry of Mineral Resources, Oil and Gas of Angola and the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC) have formalized a new agreement that establishes terms for the joint development of offshore Block 14. This significant accord was signed during the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2. The signatories included 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, which extends across the maritime boundary between Angola and the DRC, has a production capability of 3.29 million barrels annually. Chevron’s local subsidiary, the Cabinda Gulf Oil Company, manages this deepwater block in partnership with Eni, etu energias, and Angola’s national oil corporation, Sonangol. During the signing ceremony, 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.” Additionally, a second agreement was established between the finance ministries of both nations to enhance collaboration in commerce, business, and investment. This was formalized by Angola’s Minister of Finance, Mrs. Vera Esperança dos Santos Daves de Sousa, and the Congolese Minister of Finance, Mr. Nicolas Kazadi. This accord is expected to foster innovation, improve financial standards, and drive socioeconomic growth in both Angola and the DRC.
The offshore Block 14, located at the intersection of Angola’s and the DRC’s maritime borders, is pivotal for both countries in terms of oil production and economic cooperation. The new agreement forms part of a broader effort to enhance bilateral relations and address the challenges of joint resource management. The involvement of prominent companies such as Chevron and Sonangol indicates the block’s strategic importance and the potential for increased production capacity. The additional finance ministry agreement signifies comprehensive economic collaboration, focusing on trade and investment, which is expected to facilitate mutual growth and innovation.
In summary, the newly signed agreements between Angola and the Democratic Republic of the Congo mark a significant step forward in the collaborative development of offshore Block 14. This partnership seeks to optimize oil production capabilities and foster economic cooperation between the two nations. With recognized expertise in such projects, Angola is positioned to drive strategic initiatives that will benefit both countries economically. The additional agreement between finance ministries further strengthens this commitment to shared progress and innovation.
Original Source: www.africa.com
