Angola and DRC Sign Historic Cooperation Agreement
Angola and the Democratic Republic of Congo (DRC) have signed a significant cooperation agreement for the exploration, production, and development of hydrocarbons in the Common Interest Zone located on their maritime border.
The historic deal was signed on July 13th in Kinshasa by Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, and DRC’s Minister of Hydrocarbons, Didier Ntubanga.
This agreement marks the culmination of almost two decades of negotiations between the two countries and establishes the terms and general principles for exploration activities, production sharing, and ownership of the high-potential offshore acreage.
The Common Interest Zone is situated in the offshore waters north of Angola’s Block 1, 15, and 31, and south of Chevron-operated Block 14.
As per the terms outlined in a June 2023 Memorandum of Understanding, Angola and the DRC each hold a 30% interest in this maritime area. Strong indications of hydrocarbon deposits and leads have been observed within this zone.
Under the newly signed agreement, Angola and the DRC will maintain a 50% interest in the Common Interest Zone, respectively.
The signing of this agreement follows three separate meetings conducted by the Bilateral Commission, a joint Angola-Congo commission.
The final meeting, held on June 20-21 in Luanda, resulted in the signing of a Model Production Sharing Contract between Angola’s National Oil, Gas, and Biofuels Agency and its Congolese counterpart.
With the agreement now finalized, Angola and the DRC will collaborate on efforts to develop the offshore basin and harness its potential resources.
