"The signing of the agreement puts an end to negotiations that took decades between the two countries and is an example of the commitment of the oil ministers of the two countries to move forward with oil and gas exploration, based on regional collaboration", reads a statement from the CAE sent to Lusa.
Angola and the DRCongo signed on Thursday an agreement for the joint exploration, in equal parts, of hydrocarbons in the maritime zone of common interest (ZIC), off the common coast.
"For Angola, the agreement allows it to leverage its experience as a major producer to grow its domestic market and the regional economy; the country's success in promoting its natural resources makes Angola the natural partner for recent oil producers, such as DRCongo", reads in the CAE note.
For the DRCongo, adds this entity aimed at boosting energy investments in Africa, "this partnership should unlock new knowledge in several areas, including technology transfer, best practices in exploration and production, refining and processing techniques, and efficient management of petroleum resources".
In addition, and the increase in production that will serve to boost economic growth in the DRCongo, Angola's neighbor will also rely on the Portuguese-speaking country to "improve the oil sector, optimize its operations and maximize the economic potential of oil resources".
While Angola has proven reserves of around 9 billion barrels, DRCongo has reserves equivalent to around 5 billion barrels, and is at the beginning of the oil exploration and production process, according to CAE.
Angola and the DRCongo signed this Thursday an agreement for the joint exploration, in equal parts, of hydrocarbons in the maritime zone of common interest (ZIC), off the common coast.
"After several rounds of negotiations between Angola and the DRCongo, the two countries signed, this Thursday, July 13, in Kinshasa, an agreement containing the management principles of the concession that involves the maritime area of common interest in terms of hydrocarbons", reads a statement from the Ministry of Natural Resources, Oil and Gas.
After the third meeting of the Bilateral Commission for the exploitation of hydrocarbons in the ZIC, held on the 20th and 21st of June, in Luanda, the National Petroleum Agency and its Congolese counterpart signed the Model Production Sharing Contract (CPP), while the Ministers of Mineral Resources, Oil and Gas of Angola, Diamantino Azevedo, and of Hydrocarbons of DRCongo, Didier Ntubanga, signed the final communiqué, it is added in the text released by the Government.
"The Zone of Common Interest is located in the maritime region between the south of block 14 and the north of blocks 1, 15 and 31 of the Angolan oil concessions and comprises indications of accumulation of hydrocarbons, prospects and deposits, present and future research, development, cross-border, in production, released and/or abandoned", points out in the statement.
