Angola and the Democratic Republic of Congo (DRC) have inked a historic cooperation agreement for the exploration, production and development of hydrocarbons in the Common Interest Zone situated on the maritime border of the two countries.
The signing of the deal took place on Thursday 13 July in Kinshasa by Angola’s Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo and DRC Minister of Hydrocarbons Didier Ntubanga.
The agreement formalizes nearly two-decades of negotiations between the two countries and defines the terms and general principles of exploration activity, production sharing and ownership of the high-potential offshore acreage.
Situated in the offshore waters north of Angola’s Block 1, 15 and 31, and south of Chevron-operated Block 14 – whereby the DRC and Angola each hold a 30% interest as stipulated by a June 2023 Memorandum of Understanding – the maritime area holds strong indications of hydrocarbon deposits and leads.
Under the terms of the signed agreement, Angola and the DRC will retain a 50% interest in the Common Interest Zone, respectively.
The signing of the July 13 agreement follows three separate meetings held by the Bilateral Commission – a joint Angola-Congo commission – with the third and final held on June 20-21 in Luanda. These two days of deliberations between Angola’s national concessionaire, the National Oil, Gas and Biofuels Agency, and its Congolese counterpart resulted in the signing of a Model Production Sharing Contract.
With the finalized agreement signed, Angola and the DRC will undertake collaborate efforts to develop the offshore basin.
Source : Energy Capital & Power