Title: Oil exploitation in a maritime zone of common interest between the DRC and Angola: a step towards concretization
Introduction :
The exploitation of oil resources is a major economic issue for many countries. This is particularly the case of the Democratic Republic of Congo (DRC) and Angola, which have recently taken an important step towards the concretization of an agreement relating to the export and production of hydrocarbons in a maritime zone of ‘common interest. In this article, we come back to the progress of this dossier and the prospects it opens up for the two countries.
1. Details of the agreement between the DRC and Angola
The agreement for oil exploitation in the maritime zone of common interest between the DRC and Angola was signed in 2007, but it is only recently that implementation work has really advanced. According to the minutes of the meeting of the Council of Ministers, the guiding principles of the production sharing contract have been harmonized. It was agreed that the Ministry of Hydrocarbons and the ANPG will be designated concession holders to carry out the exploration, development and production of hydrocarbons in the area.
2. A fair distribution of income
One of the major advances of this agreement is the fair distribution of income between the DRC and Angola. Indeed, it was agreed that each country will receive 50% of the concessionaire’s income. This will strengthen cooperation between the two countries and ensure transparent and equitable management of oil resources.
3. Towards the finalization of the governance and management agreement
The next step in the realization of this agreement is the finalization of the agreement on the governance and management of the area of common interest. Its signature is scheduled for July 13, 2023 in Kinshasa. This step will pave the way for negotiations of the harmonized production sharing contract between the various stakeholders. Once this agreement is finalized, oil exploitation work can really begin.
4. The challenges for the DRC and Angola
The exploitation of oil resources in this maritime area of common interest represents considerable potential for the DRC and Angola. In addition to generating significant revenue, this will strengthen the energy independence of the two countries and create local jobs. However, this requires responsible and sustainable management of resources, taking care to minimize environmental impacts and guarantee a fair distribution of income.
Conclusion :
The agreement on oil exploitation in the maritime area of common interest between the DRC and Angola marks an important step towards the realization of this project. By harmonizing the guiding principles of the production sharing contract and preparing for the signing of the governance and management agreement, the two countries are laying the foundations for fruitful and fair cooperation. The exploitation of oil resources in this area represents a real economic challenge for the DRC and Angola, with the key to prospects for development and energy independence. It is now essential to ensure responsible and sustainable management of these resources, with respect for the environment and the interests of the population.