The document was signed by the Minister of Mineral Resources, Oil and Gas of Angola, Diamantino de Azevedo, and the Minister of Hydrocarbons of the DRC, Didier Ntubuanga, as well as representatives of the contractor companies that will operate in this oil field.
With this legal instrument, ZIC, created in 2007, is now operated by Cabinda Gulf Oil Company Limited (CABGOC), a subsidiary of Chevron in Angola, with a 31% stake, while Azule Energy, BP and ENI (20% ), in a ‘joint-venture’, ETU Energias (20%), GALP (9%), Sonangol (10%) and Sonahydroc SA (10%) are the consortiums of this offshore block.
For the general director of Chevron’s Strategic Business Unit in Southern Africa, Billy Lacobie, the agreement is an opportunity for the American oil company to continue to form partnerships with local governments and its associates, with the application of exploration and pioneering production in the oil industry.
According to him, the company, as a long-term partner, remains committed to providing reliable, affordable and increasingly cleaner energy, to benefit people and the region.
Still regarding the signing of the Oil Production Sharing Contract in Block 14/23, the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, considered the act to be of extreme importance for the hydrocarbons sector of both countries, in particular, and the African continent, in general.
According to the official, the agreement demonstrates the completion of a negotiation process that took place 20 years ago, with the engagement of government authorities from both countries.
“It is not important to look at what went less well over these years, but it is necessary that we look at the present and the future that is expected to be good for the economy of Angola and the DRC, contributing to improving the quality of life of the respective populations”, he highlighted.
He added that the sharing of oil exploration between the two countries is an example to demonstrate that it is possible for African governments to carry out joint projects and, consequently, contribute to the economic cohesion of the continent ‘cradle of humanity’.
Therefore, he hoped that the respective Governments and the companies involved work together to take better advantage of the ZIC and compensate for the efforts made so far, producing sustainable oil and gas based on the reduction of gases in the atmosphere.
After signing this agreement, minister Diamantino Azevedo said that the next step will be the research phase to assess the oil potential of the Zone of Common Interest and continue with the production process, if there are positive indicators of mineral resources.
For his part, the Minister of Hydrocarbons of the DRC, Didier Ntubuanga, praised the efforts of the Heads of State of the two countries and the companies that accepted the challenge of assuming the risk of investing in the ZIC.
The signing ceremony of the Oil Production Sharing Contract in the Maritime Zone of Common Interest between Angola and the DRC was witnessed by diplomats, investors, among other individuals.
This act follows the ZIC governance and management agreement, signed by the ministers of the two countries, on July 13, 2023, in Kinshasa, DRC.
According to these agreements, the hydrocarbons existing in that area will be shared between the two countries on an equitable basis. QCB