Angola and the DRC have signed a cooperative agreement regarding the development of offshore Block 14, which has a capacity of 3.29 million barrels per year. The agreements were formalized during the Angola Oil & Gas (AOG) 2024 conference and aim to strengthen ties in commerce and investment between the two nations.
In a significant development within the oil and gas sector, Angola’s Ministry of Mineral Resources, Oil and Gas and the Democratic Republic of the Congo’s (DRC) Ministry of Hydrocarbons have formalized an agreement to collaboratively exploit offshore Block 14. The signing took place on October 2 during the Angola Oil & Gas (AOG) 2024 conference held in Luanda, with notable figures including Angola’s Minister Diamantino Azevedo and DRC’s Minister Aimé Sakombi Molendo present. Block 14, which spans the maritime boundary between Angola and the DRC, has a remarkable production capacity of 3.29 million barrels annually. This deepwater block is under the operation of Chevron’s local subsidiary, the Cabinda Gulf Oil Company, in partnership with Eni, etu energias, and Sonangol, Angola’s national oil corporation. Minister Azevedo emphasized the strategic importance of this agreement, 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 focusing on enhancing cooperation in commerce, business, and investment was signed by Angola’s Minister of Finance, Vera Esperança dos Santos Daves de Sousa, and DRC’s Minister of Finance, Nicolas Kazadi. This agreement aims to foster innovation and establish financial standards that will contribute to socioeconomic development in both nations.
The collaboration between Angola and the DRC regarding offshore Block 14 signifies an essential step toward enhancing oil production and economic collaboration in the region. The maritime border shared between the two countries presents opportunities for joint development in the oil sector, which is crucial for both nations’ economic stability and growth. Block 14 is particularly noteworthy due to its substantial production capacity, positioning both countries to benefit significantly from the resources available in this area. Moreover, the agreements signed at the AOG 2024 conference highlight a commitment to fostering stronger ties and promoting sustainable development through shared expertise and resources.
The agreements reached between Angola and the DRC mark a pivotal advancement in the co-development of offshore Block 14, reflecting a strong commitment to collaboration in the oil sector. These efforts not only enhance production capabilities but also signify a mutual desire for socioeconomic progress and innovation between the two nations. By leveraging Angola’s experience and resources, the DRC and Angola are poised to achieve significant strides in their oil production endeavors, benefiting both countries economically and socially.
Original Source: www.africa.com
