DRC and Angola Seal Oil Production Deal for Block 14/23 Concession
In a landmark development, Cabinda Gulf Oil Company Limited (CABGOC) has inked a consequential Production Sharing Agreement (PSA) to operate in the prized Block 14/23 concession, nestled within the Zone of Common Interest (ZIC) in the maritime expanse shared by Angola and the Democratic Republic of Congo (DRCongo).
Under this monumental PSA, co-signed with the Governments of Angola and DRCongo, CABGOC, a subsidiary of Chevron operating in Angola, assumes the role of the primary operator, commanding a substantial 31 percent stake in the coveted block.
Per an exclusive press release accessed by Lusa, the consortium comprises notable entities: Azule Energy, BP & ENI joint venture (20 percent), ETU Energias (20 percent), Galp (9 percent), Sonangol (10 percent), and Sonahydroc SA (10 percent).
The agreement’s ceremonial signing took place in Luanda, graced by the esteemed presence of Angola’s Minister of Mineral Resources, Oil, and Gas, Diamantino Pedro Azevedo, and the Minister of Hydrocarbons of DRCongo, Didier Ntubuanga.
The ZIC, originating in 2007, represents a shared interest zone nestled within the maritime borders of Angola and DRCongo, earmarked for strategic collaboration and development opportunities.
In a statement, Billy Lacobie, Chevron’s General Director for the Strategic Business Unit in Southern Africa, expressed profound pride in the enduring partnership nurtured within the region.
“This agreement embodies our commitment to steadfastly collaborating with local governments and our esteemed associates, leveraging our trailblazing exploration and production capabilities within the oil industry,” he affirmed.
CABGOC boasts an illustrious legacy spanning more than 65 years of operational excellence in Angola, underlining its extensive expertise and enduring commitment to the region’s energy landscape.
The alliance forged through this agreement signifies a pivotal moment in leveraging collective strengths, technical prowess, and regional collaboration to fuel innovation and sustainable growth within the oil and gas sector.
The move sets the stage for pioneering endeavors, promising to usher in a new era of exploration and production prowess within the shared maritime territories of Angola and DRCongo.
