Title: Cooperation between the Democratic Republic of Congo and Angola in the field of hydrocarbons is gaining momentum
Introduction :
The Democratic Republic of Congo and Angola have recently intensified their collaboration in the field of hydrocarbons, thanks to the implementation of a maritime zone agreement of common interest. During the recent meeting of the Council of Ministers, the Minister of Hydrocarbons, Didier Budimbu, presented a report on the progress of work under this agreement. This progress underlines the importance attached by the two countries to the exploitation of oil resources in the region.
Development :
Cooperation between the Democratic Republic of Congo and Angola in the field of hydrocarbons dates back to 2007, when the two countries signed an agreement on the export and production of hydrocarbons in a maritime area of common interest. This agreement paved the way for a project to exploit oil in block 14, located between the two countries.
During the recent bilateral meeting, the two parties worked on the harmonization of the principles of the Production Sharing Contract (PSC) which will be signed between the concessionary entity represented by the DRC and Angola, and the entity of the group of entrepreneurs represented by the operator Chevron. It was agreed that the Ministry of Hydrocarbons and the ANPG (National Petroleum Agency of Angola) would be designated as concession holders, and that the distribution of revenues would be done equally between the two countries.
This major step forward is one more step towards the finalization of the agreement on the governance and management of the area of common interest, which should be signed soon in Kinshasa. Once this agreement is in place, the negotiation of the production sharing contract can begin, thus marking the concrete start of the exploitation of oil resources in the maritime area of common interest.
Conclusion :
Cooperation between the Democratic Republic of Congo and Angola in the field of hydrocarbons is experiencing real growth thanks to the progress of the agreement on the maritime zone of common interest. This collaboration will enable both countries to benefit equitably from the revenues generated by the exploitation of oil resources in the region. This step demonstrates the will of the two nations to work together to exploit their natural resources in a responsible and mutually beneficial way.