Agreement on the exploitation of oil in the Maritime Zone of Common Interest between the DRC and Angola: a crucial step towards economic development
On July 13, a historic agreement was signed in Kinshasa between the Democratic Republic of Congo (DRC) and the Republic of Angola concerning the exploitation of oil in the Maritime Zone of Common Interest (ZIC). This signing marks a major step forward in cooperation between the two countries and opens up new prospects for the economic development of the region.
This agreement, which follows a memorandum of understanding signed in 2007 in Luanda, aims to allow joint exploitation of hydrocarbons without prejudice to the delimitation of the maritime borders between the two countries. It thus constitutes an essential stage in the concretization of the ZIC, the discussions of which have been under way for several years.
The agreement provides that the DRC and Angola become co-owners of the rights to the ZIC and equally share the revenues generated by oil exploitation. This balanced collaboration will allow both countries to strengthen their portfolios and mutually benefit from the economic spinoffs associated with this operation.
The signing of this agreement is the fruit of the will of the two Heads of State, Felix-Antoine Tshisekedi, President of the DRC, and João Manuel Gonçalves Lourenço, President of Angola, to promote the economic development of their respective countries. They thus closely followed the negotiations led by the Ministers of Hydrocarbons, Didier Budimbu for the DRC and Diamantino Pedro Azevedo for Angola, to reach this historic agreement.
The exploitation of oil in the ZIC presents major economic challenges for the DRC and Angola. It will stimulate foreign investment, create local jobs and generate additional income to finance the development of infrastructure and public services. In addition, this operation will strengthen cross-border cooperation between the two countries and promote regional integration in Central Africa.
In conclusion, the signing of this agreement on the exploitation of oil in the ZIC between the DRC and Angola marks a significant step forward in the cooperation between the two countries and opens up new prospects for the economic development of the region. This balanced collaboration will stimulate investment and generate additional income, thus contributing to the well-being of populations and the sustainable development of the region.