The Democratic Republic of the Congo’s Hydrocarbons Minister Didier Budimbu and his Angolan counterpart Diamantino Pedro Azevedo have agreed to sign the Memorandum of Understanding (MoU) for the development of Block 14 on July 13 in Kinshasa.
The signing of the MoU will formalize the Block’s ownership, with the DRC and Angola set to take a 30% share while global energy major – and operator of the block – Chevron will own a 40% stake, and follows a series of meetings held between the two countries.
The signing date was agreed upon during a bilateral meeting held last week which included representatives from Angola’s National Oil Company (NOC) Sonangol and DRC NOC Sonahydroc, whereby the parties discussed contractual terms for the Production Sharing Contract for Block 14.
Located in the offshore waters straddling the border of the DRC and Angola, in the maritime zone of common interest, the signing of the Block follows several decades of negotiations and is set to kickstart a highly-anticipated exploration campaign.
