DRC and Angola Sign Key Agreement on Revenue Sharing for Block 14/23 Oil Exploitation
On Wednesday, October 2, 2024, in Luanda, Angola, the Democratic Republic of Congo (DRC) and Angola signed the Regulation of the Supervision Commission of the Common Account for the Zone of Common Interest (ZIC) and an Agreement on revenue sharing and tax compliance related to ZIC – Block 14/23.
This signing took place during the Angola Oil & Gas (AOG) International Conference, in the presence of Angolan President João Lourenço.
DRC’s Minister of Finance, Doudou Fwamba Likunde Li-Botayi, and his Angolan counterpart, Vera Esperança dos Santos Daves da Costa, formalized the agreements.
The Regulation outlines the structure, roles, and functioning of the Supervisory Commission overseeing the joint account of the ZIC, while the revenue-sharing agreement sets the terms for distributing oil-related revenues from Block 14/23.
This initiative follows a 2023 bilateral agreement between the two nations concerning the governance of the ZIC, a maritime area straddling both countries’ oil concessions. The project is expected to generate $5.56 billion in tax revenues, to be equally split between the two nations.
Minister Fwamba emphasized that the agreement solidifies cooperation between the DRC and Angola, aiming to maximize public revenue from oil resources and improve transparency in oil exploitation operations. He also committed to ratifying all necessary multilateral instruments to fully benefit from this joint venture.
