By Abdulfatah Babatunde
Angola’s Ministry of Mineral Resources, Oil and Gas and the Ministry of Hydrocarbons of the Democratic Republic of the Congo (DRC) have signed an agreement with new terms for the co-development of offshore Block 14.
TheNewsZenith reports that the duo signed the agreement during the opening of the Angola Oil & Gas (AOG) 2024 Conference, on Wednesday, in Luanda, the Angolan capital.
Both countries also signed another agreement to enhance business and investment cooperation.
This is contained in a statement emailed to TheNewsZenith by the Energy Capital & Power in Luanda, Angolan Capital.
Angola’s Minister of Mineral Resources, Oil and Gas Diamantino Azevedo and the DRC’s Minister of Hydrocarbons Aimé Sakombi Molendo signed the deal on behalf of the respective country
Straddling the maritime border between Angola and the DRC, Block 14 boasts a production capacity of 3.29 million barrels annually.
Chevron’s local subsidiary, the Cabinda Gulf Oil Company is operating the deepwater block.
Other partners in the deal are Eni, etu Energies and Angolan National Oil Company, Sonangol.
“These agreements cover the conditions for all activities for the common zone,” Minister Azevedo said.
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“With our new dynamics, we will realise 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.”
The Finance Ministry of both countries also signed a second agreement at the AOG 2024 to improve cooperation in the fields of commerce, business and investment.
Angola’s Minister of Finance, Vera Esperança dos Santos Daves de Sousa and Congolese Minister of Finance, Doudou Fwamba Likunde formalised the agreement for both countries.
It is poised to promote innovation, financial standards and socioeconomic development in the two countries.
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