State-owned oil companies of Angola and DR Congo have signed an exploration agreement for joint oil production in the Common Interest Zone (CIZ) situated in the corridor between both countries
The agreement was signed between Angola’s Sonangol and DR Congo-based Congolaise des Hydrocarbures (Cohydro). It defines the terms of exploration activities and general principles expected to govern the future production-sharing contract.
An official from Sonangol said, “Angola and DR Congo have had long-standing disagreements over their maritime borders and their access to the oil blocks. In 2007, the two countries agreed to put a portion of Block 14’s Negage Development Area in the CIZ.
“The two countries have common exploration interests, including in offshore production between northern Angola and the Angolan Enclave of Cabinda, where much of Angola’s production is focused.”
Oil is the backbone of Angola’s economy and the sector contributes to more than 90 per cent of its exports, added the official.