Oil exploitation agreement between the DRC and Angola: a major step towards economic development
The Democratic Republic of Congo (DRC) and the Republic of Angola recently signed a historic agreement on oil exploitation in the maritime zone of common interest (ZIC). This agreement marks a crucial step in the economic development of both countries and opens up new prospects in the energy sector.
The agreement was signed during a solemn ceremony in Kinshasa in the presence of the Ministers of Hydrocarbons of the DRC and Mining Resources, Oil and Gas of Angola. It establishes that the two countries become concessionaires and owners of the rights to the maritime zone of common interest. Revenues from oil exploitation will be shared equitably between the concessionary parties.
For the DRC, this agreement represents a real opportunity to strengthen its oil revenue. Indeed, the country has vast reserves of hydrocarbons, estimated at around 22 billion barrels of oil and 66 billion m³ of methane gas in Lake Kivu. This hitherto untapped energy wealth could contribute significantly to the country’s economic development.
The signing of this agreement also paves the way for the negotiation of a harmonized production sharing contract between the concessionary parties and the companies of the group of entrepreneurs, including SONANGOL and Cobil SA, represented by the operator CHEVRON. This step is essential to ensure an efficient and balanced exploitation of the region’s oil resources.
The chairman of the board of directors of Cobil SA, Thierry Monsenepwo, expressed his satisfaction with the conclusion of this agreement, underlining its positive impact on the budget of the DRC. He also stressed that this agreement will enable Congolese oil companies, such as Cobil SA, to actively contribute to improving the country’s economic situation.
In conclusion, the oil exploitation agreement between the DRC and Angola opens up new prospects for the economic development of the region. The vast hydrocarbon reserves of the DRC combined with the expertise of companies in the sector will allow an efficient and equitable exploitation of oil resources, thus generating significant income and promoting the socio-economic development of the two countries