South Africa and DR Congo sign oil cooperation agreement

Onshore oil rigPetro SA plans to start exporting oil to Congo as it is profitable to buy in bulk. (Image source: aoenday)DR Congo has entered into an agreement with South Africa for the joint exploration of hydrocarbons in central African country

The deal was signed by each country's state-controlled oil company, Cohydro in DR Congo and PetroSA in South Africa. The new contract marks the first stage in a cooperation between the two nations on joint oil exploration, said Nosizwe Nokwe, CEO of PetroSA.

Both companies will evaluate opportunities in DR Congo before deciding on whether they make financial sense to go ahead with, Nokwe explained, adding that a budget and time frame have yet to be agreed for the cooperation.

Nokwe added that PetroSA would also sell oil to DR Congo in bulk. Further exploration projects across the African continent have commenced, as countries in the region want to become more self-reliant on energy production following recent discoveries in East Africa.

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