The governments of Angola and the Democratic Republic of the Congo (DRC) have taken a significant step toward strengthening their cooperation in oil and gas with the signing of a co-development agreement for offshore Block 14.
The agreement, finalized at the Angola Oil & Gas (AOG) 2024 conference was signed by Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and the DRC’s Minister of Hydrocarbons, Aimé Sakombi Molendo.
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Block 14
Block 14, which straddles the maritime border between the two countries, has a production capacity of 3.29 million barrels of oil per year. The block is operated by Chevron’s subsidiary, the Cabinda Gulf Oil Company, in partnership with Eni, etu energias, and Angola’s national oil company, Sonangol. Minister Azevedo emphasized Angola’s experience in similar collaborative projects and expressed optimism about realizing the potential of this shared venture with the DRC.
Additionally, Angola and the DRC’s finance ministries formalized a second agreement at the event, aimed at improving bilateral cooperation in commerce, business, and investment. This agreement, signed by Angola’s Minister of Finance Vera Esperança dos Santos Daves de Sousa and DRC’s Minister of Finance Nicolas Kazadi, is expected to foster innovation, enhance financial standards, and support socioeconomic development across both nations.