On October 2, during the AOG 2024 conference, Angola and the DRC signed an agreement for new terms for the co-development of offshore Block 14, which has a production capacity of 3.29 million barrels annually. Additional agreements aimed at enhancing financial cooperation were also established, promoting innovation and socioeconomic development between the two countries.
During the inaugural session of the Angola Oil & Gas (AOG) 2024 conference 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 an agreement delineating new terms for the co-development of offshore Block 14. This agreement was signed by the Honorable Diamantino Azevedo, Minister of Mineral Resources, Oil and Gas of Angola, and the Honorable Aimé Sakombi Molendo, Minister of Hydrocarbons of the DRC. Block 14, located across the maritime boundary of Angola and the DRC, possesses an impressive production capacity of 3.29 million barrels annually. The block is currently managed by the Cabinda Gulf Oil Company, a local subsidiary of Chevron, with active participation from Eni, etu energias, and Sonangol, the national oil company of Angola. Minister Azevedo articulated, “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.” In addition to the agreement on Block 14, a secondary memorandum was established between the ministries of finance of both nations, signed by Angola’s Minister of Finance, the Honorable Vera Esperança dos Santos Daves de Sousa, and the Congolese Minister of Finance, the Honorable Nicolas Kazadi. This memorandum aims to enhance bilateral cooperation in commerce, business, and investment, envisaging advancements in innovation, financial standards, and the socioeconomic development of both nations.
The cooperation between Angola and the Democratic Republic of the Congo in offshore oil exploration reflects a broader trend of collaboration among nations rich in natural resources. Offshore Block 14, which straddles the maritime border between the two countries, is crucial for both economies due to its significant production capacity. The partnership is also indicative of efforts to strengthen regional ties and jointly optimize resource management in light of global energy demands. This agreement not only pertains to oil exploration but also encompasses financial collaboration and investment strategies that could enhance economic stability and growth.
In summary, the signing of the agreement regarding offshore Block 14 marks a significant advancement in the cooperative relationship between Angola and the DRC. It highlights the importance of shared resources and collective management in the realm of oil production. Furthermore, the supplementary agreement on finance and investment underscores a commitment to fostering economic growth and stability through collaborative initiatives. The formal recognition of these synergies positions both nations to leverage their respective experiences for mutual benefit, enhancing their standing within the regional and global energy markets.
Original Source: www.africa.com
