After several years of bilateral talks, the two neighboring countries sealed the cooperation protocol for hydrocarbon research and production in the zone of common interest (ZIC) on July 13.
Angolan Minister of Natural Resources, Oil and Gas Diamantino Azevedo and his DRC counterpart Didier Ntubanga reiterated the importance of the legal instrument in the context of maritime delimitation in the lower Congo Basin.
According to Ntubanga, the pact paves the way for negotiating a production-sharing deal with the group of contractors led by US oil company Chevron.
Earlier this June, the National Oil and Gas Agency and its Congolese counterpart signed the Production Sharing Contract Model at the ZIC, which lies between the south of Block 14 and the north of Blocks 1, 15 and 31 Angolan oil concessions.
After the signing of the protocol, the concessionaires of both states would now have to start negotiations with the operator, officials said at a meeting in the capital of the Democratic Republic of Congo.
Also in the city of Kinshasa, an agreement between the Angolan company Sonangol and the companies Sonahydroc and Covil for the supply of petroleum derivatives to the Democratic Congo was signed this week.
Regarding the internal situation, the meeting of the Economic Commission of the Council of Ministers this Friday in Luanda was a relevant event, since there is an urgent need to take short and medium-term measures to counter the fall in budget revenues.
The decisions envisage reducing public spending and improving revenues with the aim of ensuring debt sustainability, reversing the budget deficit and promoting economic diversification, the company said in a statement.
President João Lourenço led the analysis of the executive branch’s economic team, whose provisions also aim to protect and create jobs and increase the competitiveness of “Made in Angola” products, the document said.
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