The signing of the Governance and Management Agreement for the Maritime Area of Common Interest (ZIC) aims to "boost the exploration, development and production of hydrocarbons", the note stresses.
The ZIC is located south of block 14 and north of blocks 1, 15 and 31 of the Angolan oil concessions and, "due to its strategic position" the two countries "have cooperated since 2003 in order to keep the instruments that regulate the transformation of the existing natural resources in the ZIC into a revenue generation factor for the economies of both countries".
"In a first phase, the Menongue field will be developed, whose peak production is expected to be around 65,000 barrels/day, and the Negage field with an expected production of 50,000 barrels/day", highlights the note.
The activity related to the search for new wells will continue in the area, it is noted in the statement.
The commitment was signed by the supervising minister, Diamantino de Azevedo and the Democratic-Congolese Minister of Hydrocarbons Didier Budimbu Ntubuanga.
Quoted in the note, the Angolan official said that the agreement "puts an end to about 20 years of advances and setbacks, hoping that the subsequent steps for oil production in the ZIC will be swift".
Didier Ntubuanga considered that it was "a historic day, as a significant advance is made and in a good direction".
"The agreement signed today establishes, among other elements, the principles of governance and management that safeguard the interests of the two States, as well as the constitution of the joint account and the respective management", concludes the note.
