The challenges of the maritime area of common interest between the DRC and Angola
The exploitation of oil resources is a major topic in many countries, particularly in Africa. The Democratic Republic of Congo (DRC) and Angola are two hydrocarbon-rich countries and they have recently made significant progress in implementing an agreement for the export and production of hydrocarbons in a area of common interest between the two countries.
During the recent meeting of the Council of Ministers of the DRC, the Minister of Hydrocarbons, Didier Budimbu, presented a report on the state of progress of this file. Following his mission in Luanda, he was able to harmonize the guiding principles of the production sharing contract (CPP) which will have to be signed between the different entities involved, namely the DRC, Angola and the operator Chevron.
It was agreed that the Ministry of Hydrocarbons and the ANPG (National Hydrocarbons Agency of Angola) will be designated as concession holders for prospecting, exploration and production of liquid and gaseous hydrocarbons in the area of ‘common interest. The distribution of income will be made in equal parts, ie 50% for each country. The negotiations will be led by the concessionaire, with shared leadership between the parties.
This step of harmonizing the terms of the CPP marks a major step towards finalizing the agreement on the governance and management of the area of common interest. The signing of this agreement is scheduled for July 13, 2023 in Kinshasa. Once this agreement has been signed, negotiations can begin on the harmonized production sharing contract between all the parties involved, thus paving the way for the efficient exploitation of oil resources in the area.
This oil exploitation project in the area of common interest between the DRC and Angola was envisaged in 2007, in compliance with international standards. The creation of the area of common interest was carried out following the request for delimitation of the maritime borders of the DRC filed in 2009 with the UN. Since then, steps have been taken to allow fair and beneficial exploitation for both countries.
The realization of this agreement represents a major opportunity for the DRC and Angola, which will be able to benefit from the economic spin-offs linked to the exploitation of hydrocarbons in the area of common interest. This will also contribute to the strengthening of bilateral relations between the two countries and their economic development.
It is important to note that the exploitation of petroleum resources must be done in a responsible manner, respecting environmental standards and ensuring a fair distribution of income for local communities.. Transparency and good governance will be essential to guarantee the success of this project and maximize the benefits for all actors involved.
In conclusion, the progress towards the finalization of the agreement on the maritime zone of common interest between the DRC and Angola opens up new prospects for the economic development of these two countries. It now remains to concretize this agreement and to put in place an efficient and responsible management framework for the exploitation of petroleum resources.