Angola and the Democratic Republic of Congo (DRC) have signed a contract to share oil production in Block 14/22, which is located in an Area of Mutual Interest (AMI).
The historic contract comes 20 years after negotiations between the two countries.
According to a report by Angolan News Agency, the deal was signed by Diamantino de Azevedo, Angola’s Minister for Mineral Resources, Oil and Gas, and Didier Ntubuanga, the DRC Minister for Hydrocarbons.
The AMI which was created in 2007 would be operated by the Cabinda Gulf Oil Company Limited (CABGOC), Chevron’s subsidiary in Angola, with a 31 per cent stake, while Azule Energy, a 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.
According to Diamantino Azevedo, the agreement demonstrates the realisation of a negotiation process that had 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 African governments can 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.
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.
On his part, the DRC’s Minister for 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.
Source: https://energynewsafrica.com