The agreement signed on Thursday is considered a historic act that occurs 20 years after negotiations between the two countries, according to the Angolan Press Agency (ANGOP).

The Minister of Mineral Resources, Oil and Gas of Angola, Diamantino de Azevedo, and the head of Hydrocarbons of DRC, Didier Ntubuanga, were in charge of signing the document together with representatives of the contractors that will operate in the oil field.

The ZIC will be operated by Cabinda Gulf Oil Company Limited (CABGOC), Chevron’s subsidiary in Angola, with a 31 percent stake, associated with Azule Energy, BP and ENI, in a joint venture; ETU Energias; GALP; Sonangol and Sonahydroc SA, reported Jornal de Angola.

Following the signing of the agreement, the research phase will advance in order to evaluate the oil potential of the area and proceed to the production process if there are positive indicators.

De Azevedo considered the arrangement as an example that it is possible to carry out joint projects between African governments, which contributes to the economic cohesion of the continent. “We must look at the present and the future, which is expected to be good for the economy of Angola and the DRC, contributing to improving the quality of life of their respective populations,” he commented.

This act follows up on the ZIC governance and management agreement, signed by the ministers of both countries in July of this year in Kinshasa, according to which the hydrocarbons in the region will be shared equally between both nations.

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