Angola and the Democratic Republic of Congo (DRC) have entered into new terms for the co-development of offshore Block 14, as formalized during the AOG 2024 conference. The agreement, signed by key ministers from both countries, aims to enhance oil production and strengthen economic cooperation. The partnership involves prominent industry players and seeks to leverage Angola’s experience in oil projects to benefit both nations.
During the Angola Oil & Gas (AOG) 2024 conference held in Luanda on October 2, Angola’s Ministry of Mineral Resources, Oil and Gas, in conjunction 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 signed by Angola’s Minister of Mineral Resources, Oil and Gas, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo. Offshore Block 14, which is situated along the maritime border dividing Angola and the DRC, has a notable production capacity of 3.29 million barrels per year and is operated by Chevron’s local subsidiary, the Cabinda Gulf Oil Company, alongside partners such as Eni and etu energias, as well as Angola’s national oil company, Sonangol. In his remarks, Minister Azevedo emphasized the significance of the agreements stating, “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 aimed at enhancing cooperation in commerce, business, and investment sectors. This agreement was signed by Angola’s Minister of Finance, Mrs. Vera Esperança dos Santos Daves de Sousa, and the DRC’s Minister of Finance, Mr. Nicolas Kazadi. Its primary objective is to foster innovation, elevate financial standards, and promote socioeconomic development across both countries.
The collaboration regarding offshore Block 14 between Angola and the Democratic Republic of the Congo (DRC) signifies a crucial step in enhancing energy production and economic cooperation within the region. Offshore Block 14 is particularly important as it straddles the maritime boundary of the two nations, thus requiring concerted efforts for development. The signing of agreements at AOG 2024 marks a pivotal moment for both governments, aiming to streamline operational conditions and facilitate shared economic advancements. The involvement of major industry players, such as Chevron, Eni, etu energias, and Sonangol, indicates a strong interest in maximizing the block’s production capabilities, which can significantly contribute to both nations’ oil revenues and broader economic development strategies.
In conclusion, the agreements signed between Angola and the DRC at the AOG 2024 conference herald a new phase of collaboration in the energy sector, particularly concerning the shared development of offshore Block 14. By leveraging Angola’s experience in oil production and strengthening financial cooperation between the two countries, the partnerships aim to enhance production capacity while promoting broader economic benefits. The commitment to work collaboratively reflects the two nations’ dedication to achieving shared aspirations for growth and development.
Original Source: www.zawya.com
