Angola and Congo Brazzaville sign agreements for cross-border oil exploration

19 March 2012

Two agreements for the development and production of the Lianzi cross-border oil field, located in the common sea area between Angola and the Republic of Congo, were signed Friday in Luanda, according to Angolan news agency Angop.

Signed by the Angolan oil minister, Botelho de Vasconcelos, and his Congolese counterpart, André Raphael Luemba, the first agreement establishes the mechanisms for sharing revenues from exploration of the oil reserve, which is expected to go into production in 2015, whilst the second agreement is related to opening a joint account for depositing income generated by the field.

Minister Botelho de Vasconcelos said that signing the agreements made it possible for a final decision to be made about investment and added that the two documents would now be taken to the governments of both countries for evaluation and approval.

The oil field, which will be operated by US oil company Chevron, has estimated oil reserves of 67 million barrels. (macauhub)