Angola and the Democratic Republic of Congo have signed an addendum to the Production Sharing Agreement for offshore Block 14/23, a major step toward operationalising their shared Zone of Common Interest and developing its hydrocarbon resources.

The addendum was signed in Luanda on July 22, capping two days of technical meetings between the two countries on implementing the legal instruments governing joint hydrocarbon development. Angola and the DRC also signed a Joint Declaration confirming that ratification procedures for the Governance and Management Agreement and its addendum are complete, and named representatives to the bodies overseeing the shared zone, including its Management Commissions, Joint Account Supervisory Commission, and Direction and Operations Committees. Those committees are expected to convene within 30 days to finalise account-opening procedures, select the bank that will manage project funds and set financial governance guidelines.

Angola’s Minister of Mineral Resources, Petroleum and Gas, Diamantino Pedro Azevedo, called it the conclusion of the most important stage of a process that began in 2003. The new addendum builds on a bilateral agreement signed in 2023 and updated terms reached in 2024.

DRC Minister of State and Minister of Hydrocarbons Acacia Bandubola Mbongo said the ability of the two countries to negotiate as equals was itself a significant achievement, adding that the real measure of success would be the tangible results felt by both countries’ populations rather than the documents signed.

Source: prospect-intel.com, angolanminingoilandgas.com