Angola and the DRC have entered into a new agreement for the co-development of offshore Block 14, which has a production capacity of 3.29 million barrels per year. The agreement was signed by the respective ministers during the Angola Oil & Gas 2024 conference, emphasizing cooperation in the management of shared natural resources.
On the opening day of the Angola Oil & Gas (AOG) 2024 conference in Luanda, a significant agreement was formalized between Angola’s Ministry of Mineral Resources, Oil and Gas and the Democratic Republic of the Congo’s (DRC) Ministry of Hydrocarbons to establish new terms for the co-development of offshore Block 14. This strategic offshore block, which sits across the maritime boundary of both nations, boasts an impressive production capacity of 3.29 million barrels annually. The operational oversight of Block 14 is managed by Cabinda Gulf Oil Company, a subsidiary of Chevron, with key collaborations involving partners such as Eni, etu energias, and Angola’s national oil corporation, Sonangol. The signing of the agreement was conducted by Angola’s Minister of Mineral Resources, Oil and Gas, Mr. Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Mr. Aimé Sakombi Molendo. Minister Azevedo remarked that this agreement delineates the framework governing all activities within the shared territorial maritime area.
The establishment of offshore Block 14 is crucial for both Angola and the DRC, as it represents an important area for oil production that significantly contributes to the economic sectors of both countries. The agreement to co-develop this block aims to streamline operations, ensure shared benefits, and enhance cooperation between the two nations in an increasingly competitive global energy market. As both countries seek to bolster their oil production capabilities, such collaborations are vital for resource management and economic development.
In conclusion, the new terms for the co-development of offshore Block 14 signify a strategic move for Angola and the DRC towards enhanced cooperation and resource management in their shared maritime territory. The agreement, formalized during a prestigious energy conference, is expected to facilitate better operational efficiency and mutual benefits for both nations in the oil sector.
Original Source: www.zawya.com
