The oil minister of the Democratic Republic of the Congo has said that his country is very close to reaching an agreement with its neighboring country, Angola, regarding one of the offshore blocks between the countries.
Angola and Chevron have proposed a production sharing agreement, with each country taking a 30% stake in block 14 and operator Chevron the remaining 40%, according to comments made by Didier Budimbu in Paris
The blocks have been under Angola’s control for quite some time, so a successful deal could help ease tensions between the two countries. Neither Chevron nor Sonangol, the state oil company of Angola, responded to requests for comment.
When asked how quickly things could change, Budimbu replied, “We are due to meet again very soon.” “Around 30% each for the two countries, and 40% for the operator.”
The other blocks that straddle both countries along the Atlantic coast are still the subject of negotiations, he said.
According to Budimbu, Sonangol, the state-owned oil company of Angola, will forgive Sonahydroc, the state-owned oil company of the Democratic Republic of the Congo, of a $200 million debt as part of the deal.
