By Africa.com | Created at 2024-10-03 12:29:16 | Updated at 2024-10-03 15:34:15
3 hours ago
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.
The agreement was signed during the opening ceremony of the Angola Oil&Gas (AOG) 2024 conference in Luanda on October 2 by Angola’s Minister of Mineral Resources, Oil and Gas Diamantino Azevedo and the DRC’s Minister of Hydrocarbons Aimé Sakombi Molendo.
Straddling the maritime border between Angola and the DRC, Block 14 boasts a production capacity of 3.29 million barrels per year. The deepwater block is operated by Chevron local subsidiary the Cabinda Gulf Oil Company, alongside partners Eni, etu energias and Angolan national oil company Sonangol.
“These agreements cover the conditions for all activities for the common zone,” stated Minister Azevedo. “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.”
A second agreement between Angola and the DRC’s respective ministries of finance was also signed at AOG 2024 to improve cooperation in the fields of commerce, business and investment. The agreement was formalized by Angola’s Minister of Finance Vera Esperança dos Santos Daves de Sousa and Congolese Minister of Finance Nicolas Kazadi and is poised to promote innovation, financial standards and socioeconomic development in the two countries.
Distributed by APO Group on behalf of Energy Capital&Power.
