Angola, DRC to sign oil production contract on Thursday

Angola and Democratic Republic of the Congo (DRC) will sign a production sharing contract model on Thursday in Kinshasa.

The agreement will be signed by the Ministries of Mineral Resources, Oil and Gas (Mirempet) of Angola and Hydrocarbons of the Democratic Republic of Congo (DRC).

ANGOP learnt that an Angolan delegation, led by the incumbent minister Diamantino Azevedo, will travel to DRC for this purpose.

Both sides are expected to take another step in the Common Interest Zone (ZIC), as part of the common exploitation of hydrocarbons in the lower Congo basin.

In 2023, the two countries signed a Memorandum of Understanding on joint oil exploration in the waters of the Lower Congo basin.

After 20 years of negotiations, the two countries agreed on the aspects such as the validation and signing of the Production Sharing Contract model, the distribution of the Concessionaire’s income in 50% to each country and the definition of the Contractor Group.

Angola and DRC share a vast land, sea and river border

Source: Angola Press News Agency (APNA)