Production sharing agreement between the DRC and Angola: a major step towards energy cooperation
A historic agreement has been signed between the Democratic Republic of Congo (DRC) and Angola, paving the way for production sharing in the area of common interest between the two countries. This announcement was made by the Congolese Minister of Hydrocarbons, Didier Budimbu, during an official ceremony in Luanda.
The production sharing contract for the zone of common interest (ZIC) was signed between Didier Budimbu, Minister of Hydrocarbons of the DRC, and his Angolan counterpart, Diamantino Azevedo. This agreement marks an important step in energy cooperation between the two countries, paving the way for deeper negotiations for a harmonized production sharing contract.
The ZIC is located between the north-western part of Angola and the south-western part of the DRC, including blocks 14, 15 and 31. With the signing of this agreement, the two countries become concessionaires and owners of the rights to this maritime area of common interest. They will equitably share the income from the rights and obligations linked to this concession.
Angola, as a major oil producer and exporter, has developed expertise and infrastructure in this area. For the DRC, which faces challenges in the development of its energy sector, this agreement represents an important opportunity to benefit from the knowledge and experience of its neighbor.
This energy cooperation between the DRC and Angola could have a significant impact on the economies of both countries. It will help stimulate investments in the hydrocarbon sector, create jobs and generate additional income for socio-economic development.
In addition, this agreement will help strengthen ties between the DRC and Angola, promoting a relationship of cooperation and strategic partnership in the energy field. It opens the way to new development opportunities for both countries, based on common interests and a shared vision of the future.
In conclusion, the production sharing agreement between the DRC and Angola constitutes a major step in energy cooperation between the two countries. It offers promising prospects in terms of economic development and strengthens ties between the two nations. This collaboration paves the way for a shared energy future and new growth horizons for the region.
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Feel free to click on the links to read the articles already published on our blog!
References :
– Links to articles already published on the blog:
– “As Vita Club triumphs over violence: a resounding victory against OC Renaissance” [Article link]
– “Drug trafficking case: Saïd Naciri indicted, Moïse Katumbi falsely accused” [Article link]
– “The Congolese army denounces the subversive actions of the media during the elections: democracy in danger” [Article link]
– “The advent of the 4th Republic in the DRC: a historic chance to build a more equitable and prosperous future for all Congolese” [Article link]
– “Spectacular victory for AS V. Club in the derby against OC Renaissance du Congo” [Article link]
– “Citizen collective in Ituri: a call for non-violence for a peaceful future after the elections” [Article link]
– “The governor of Haut-Uélé, Christophe Baseane Nangaa, summoned to Kinshasa: what are the issues behind this decision?” [Article link]
– “The call for confidence and stability: the joint electoral observation mission urges the DRC to respect institutions to preserve democracy” [Article link]
– “Security during the holiday season in Beni, North Kivu: let’s remain vigilant against threats from the ADF” [Article link]
– “The devastating effects of the war on farmers in North Kivu: an alarming situation for food security and the local economy” [Article link]