Angola and the Democratic Republic of Congo (DRC) have signed a historical agreement to develop Block 14 in Kinshasa, according to the African Energy Chamber.
The agreement was signed by Diamantino Pedro Azevedo, Minister of Mineral Resources, Oil and Gas of the Republic of Angola, and his DRC counterpart Minister Didier Budimbu Ntubuanga. The deal is a major milestone in the collaboration between the two African nations and holds immense significance for both countries.
According to the agreement, DRC and Angola will acquire a 30% stake each while global energy major and block operator Chevron will take a 40% stake.
The agreement will enable Angola to leverage its experience as a major oil producer to grow both its domestic market and the regional economy. It also will allow the DRC to increase daily crude oil production.
