Angola, DRC ink oil agreement

Luanda, Jul 14 (Prensa Latina) Angola and the Democratic Republic of Congo (DRC) have reportedly reached a Memorandum of Understanding (MOU) for exploration and extraction of hydrocarbons in the so-called Zone of Common Interest.

July 14, 2023
13:21

According to Jornal de Angola online edition, Angolan Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, and Democratic Congo’s Hydrocarbons Minister Didier Ntubuanga signed the agreement in Kinshasa on Thursday.

Azevedo stressed MOU resulted in a thorough negotiation started in 2020 to define the governance and management of the maritime space of common interest in terms of the sector’s activities.

As part of the talks, Angola and DRC agreed on the contract model for the shared production, which includes main terms to negotiate with operators.

After signing the first MOU 20 years ago, the two countries should move quickly to implement the agreements, as the global energy transition is beginning to pose some challenges for the oil industry, Azevedo stated, quoted by Jornal de Angola.

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