The Democratic Republic of the Congo (DRC) is currently in the process of finalizing an agreement with Angola and Chevron, a major oil and gas company, regarding offshore Block 14.
This particular block has been a subject of dispute in the past. The agreement aims to make both countries joint holders of the block.
The Minister of Hydrocarbons for the DRC, Didier Budimbu Ntubuanga, stated that another meeting is scheduled to take place soon, and progress is expected to be made rapidly.
Discussions are still ongoing regarding other blocks that extend across the borders of both countries along the Atlantic coast.
As part of the deal, Angola’s National Oil Company (NOC), Sonangol, has agreed to forgive a debt of $200 million owed by the DRC’s NOC, Sonahydroc, to the Angolan parastatal.
This production sharing agreement is poised to settle a 50-year dispute between the two African nations over offshore oil blocks. It is one of several collaborative agreements being established between Angola and the DRC.
To enhance mobility, officials from the DRC and Angola will no longer require visas for travel between the two countries.
Additionally, the two nations are working towards finalizing cooperation agreements in various areas, including tourism, women empowerment, forestry, wildlife, small- and medium-sized enterprises, construction, urban planning, and housing.
