Petroleum exploitation agreement between the DRC and Angola in the maritime zone of common interest (ZIC)
The Democratic Republic of Congo (DRC) and the Republic of Angola recently signed a historic agreement concerning the exploitation of oil in the maritime zone of common interest (ZIC). This signing marks a major step forward in strengthening relations between the two countries.
According to the information reported, this agreement was signed during a solemn ceremony which took place in Kinshasa. The Congolese and Angolan Ministers in charge of Hydrocarbons and Mining Resources both expressed their satisfaction with this progress.
Thanks to this agreement, the DRC and Angola become the concessionaires and owners of the rights to the maritime zone of common interest. They will thus share equitably the income generated by the rights and obligations related to this exploitation.
This signature also paves the way for the negotiation of a harmonized Production Sharing Contract (PSC) between the concessionary parties represented by the DRC and Angola, and the group of entrepreneurs represented by the operator CHEVRON.
The Chairman of the Board of Directors of Cobil SA, a company specializing in the oil sector, congratulated the Congolese Head of State, Félix Tshisekedi, for his decisive role in obtaining this agreement. He is convinced that this agreement will have a positive impact on the profitability of the DRC’s budget and will enable oil companies to contribute to improving the country’s economic situation.
The DRC has vast oil reserves, estimated at around 22 billion barrels of oil and 66 billion m³ of methane gas in Lake Kivu. With the signing of this agreement, the oil potential of the country can finally be exploited in an optimal way.
In conclusion, the oil exploitation agreement between the DRC and Angola in the maritime zone of common interest is an important step for both countries. It opens up new economic prospects and strengthens the ties between the two nations. This agreement marks the beginning of a fruitful collaboration in the oil sector, which will contribute to the economic growth of the DRC and the creation of jobs for its population.