Luanda – Angola and the Democratic Republic of Congo (DRC) on Thursday in the Province of Luanda signed a contract with the aim to share oil production in Block 14/22, which is located an the Area of Mutual Interest (AMI).
The act which is considered historic, as it comes 20 years after negotiations between the two countries, was signed by Angola's minister of Mineral Resources, Oil and Gas, Diamantino de Azevedo, and the DRC minister of Hydrocarbons, Didier Ntubuanga, as well as by the representatives of the companies that will operate in these oil fields.
With this legal tool, the AMI which was created in 2007 will be operated by the Cabinda Gulf Oil Company Limited (CABGOC),
Chevron's subsidiary in Angola, with a 31% stake, while Azule Energy, British oil company (BP) and the Italian oil company ENI (20%), in a joint venture, ETU Energias (20%), the Portuguese energy company (GALP) (9%), Sonangol (10%) and Sonahydroc SA (10%) are the consortiums for this offshore block.
For the general manager of Chevron's Strategic Business Unit in Southern Africa, Billy Lacobie, this agreement is an opportunity for the American oil company to continue to realise partnerships with local governments and their associates, with the application of pioneering exploration and production capacity in the oil industry.
According to him, the company, as a long-term partner, remains committed to providing reliable, affordable and increasingly clean energy to benefit the people and the region.
Still on the subject of the signing of the Oil Production Sharing Contract in Block 14/23, the minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, considered the act to be extremely important for the hydrocarbon sector in both countries, in particular, and on the African continent, in general.
According to the minister, the agreement demonstrates the realisation of a negotiation process that has been going on for 20 years, with the commitment of the government authorities of both countries.
"It's not important to look at what has gone less well over the years, but it is necessary to look at the present and the future that is expected to be good for the economy of Angola and the DRC, contributing to improving the quality of life of their respective populations," he emphasised.
He added that the sharing of oil exploration between the two countries is an example to demonstrate that it is possible for African governments to carry out joint projects and, consequently, contribute to the economic cohesion of the continent.
He therefore hoped that the respective governments and the companies involved would work together to take better advantage of the AMI and compensate for the efforts made so far by producing sustainable oil and gas based on reducing atmospheric gases.
Following the signing of the agreement, minister Diamantino Azevedo said that the next step would be the research phase to assess the oil potential of the Area of Mutual Interest and proceed with the production process if there are positive indicators of mineral resources.
In turn, the DRC's minister of Hydrocarbons, Didier Ntubuanga, praised the efforts of the Heads of State of the two countries and the companies that have accepted the challenge of taking on the risk of investing in the AMI.
The signing ceremony for the Oil Production Sharing Contract in the Maritime Zone of Common Interest between Angola and the DRC was witnessed by diplomats, investors and other businesspeople.
This act is in the scope of the governance agreement and the management of the Area of Mutual Interest, signed by the Heads of State of the two countries on 13 July 2023 in Kinshasa, DRC.
According to these agreements, the hydrocarbons in the area will be shared equally between the two countries.
QCB/MRA/jmc
