Oil exploitation in a maritime zone of common interest between the DRC and Angola: a historic agreement for fruitful economic cooperation
Within the framework of economic development and the exploitation of natural resources, the Democratic Republic of Congo (DRC) and Angola have recently concluded a historic agreement relating to the maritime zone of common interest between the two countries. This decision marks a major step in economic cooperation between the two nations, with particular emphasis on the oil sector.
The Minister of Hydrocarbons of the DRC, Didier Budimbu, presented a report at the 103rd meeting of the Council of Ministers, reporting on the progress made in the implementation of the agreement on the export and production of hydrocarbons in the area of common interest. This notable step follows the mission carried out by the Minister to Luanda, Angola, to continue work on the implementation of the agreement signed in 2007.
One of the key advances of this bilateral meeting was the harmonization of the guiding principles of the Production Sharing Contract (PSC) between the concessionaire entities of the two countries. An equitable sharing of revenues, up to 50% for each country, has been agreed. In addition, the Ministry of Hydrocarbons and the National Petroleum Agency of the DRC have been designated to carry out prospecting, exploration, evaluation, development and production of hydrocarbons in the maritime area of interest. commmon.
This major step in the harmonization of the terms of the CPP paves the way for 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, and it will mark the start of negotiations for the harmonized production sharing contract between the stakeholders.
Oil exploitation in the maritime zone of common interest between the DRC and Angola was initially envisaged in 2007, with the aim of complying with international standards for oil production from Angola. The creation of the zone of common interest in application of the Treaty of Montevideo on the law of the sea made it possible to delimit the continental shelf between Angola and the province of Kabinda in the DRC.
This new agreement between the DRC and Angola therefore opens up new economic prospects, both for the two countries and for the region as a whole. Oil exploitation in the area of common interest will promote job creation, economic development and enhanced bilateral cooperation.
This progress illustrates the importance of regional cooperation in the field of natural resources. By working together, the DRC and Angola can build on each other’s strengths and contribute to the region’s sustainable development..
In a global context of energy transition, it is essential that these oil exploration activities are carried out in a responsible and environmentally friendly manner. The protection of marine ecosystems and the implementation of measures to prevent environmental risks must be among the priorities of this cooperation.
In conclusion, the agreement on oil exploitation in a maritime zone of common interest between the DRC and Angola marks an important step in the economic cooperation between the two countries. This initiative opens up new development opportunities for the region, while emphasizing environmental protection. Hopefully this successful collaboration will serve as a model for other nations seeking to harness their natural resources responsibly and sustainably.