PetroAngola, under the leadership of Chairman Patrício Quingongo, is urging Angolan entrepreneurs to explore the potential business opportunities emerging from the Zone of Common Interest (ZIC) between Angola and the Democratic Republic of Congo (DRC).
Quingongo believes that this initiative presents a unique chance for Angolan companies to spearhead significant segments of the oil market in the DRC.
With a keen understanding of the Democratic Congo market, PetroAngola sees Angolans playing a pivotal role, leveraging their expertise and resources to tap into other lucrative regions within the DRC.
This ambitious internationalization effort aims to capitalize on the untapped potential and burgeoning opportunities in the neighboring country.
The vast land, sea, and river borders shared between Angola and the DRC have led to increased incidents of fuel smuggling in the common area, prompting both governments to address security concerns.
Driven by the potential of unexplored reserves, the DRC aspires to ramp up its oil production to one million barrels per day, with anticipated oil revenues exceeding $30 billion annually.
The region boasts an estimated 22 billion barrels of crude oil across three sedimentary basins and 66 billion cubic meters of methane gas in Lake Kivu, positioning the DRC as a key player in continental oil and gas production.
Key agreements within the ZIC framework include the equitable distribution of revenue between the two countries, the selection of Chevron as the operator of Block 14 within the ZIC, and the allocation of 10% shares to both Sonangol and Cohidro (RDC).
Additionally, financing for research costs by Sonangol and Cohidro will be provided by the Carry business group, with negotiations led by ANPG and compliance with Angolan tax legislation.
PetroAngola, a specialized Angolan consultancy firm in the oil and gas sector, is committed to supporting Angolan businesses in seizing the abundant opportunities presented by the Angola-DRC Common Interest Zone.
