Angolan state oil company Sonangol has established a preliminary trade agreement with its counterpart in the Democratic Republic of Congo (DRC) for joint oil production in the Common Interest Zone, the company said in a statement.
The statement said the agreement with Congolaise des Hydrocarbures (Cohydro) was signed by directors of the two companies on Tuesday and “defines the terms of exploration activities and general principles that will govern the future production sharing contract.”
The two countries have common interests, including in offshore production between northern Angola and the Angolan enclave of Cabinda, where much of Angola’s production is focused.
Sonangol added that this understanding with Cohydro is a “significant development” of the contacts that were being made bilaterally under the Cooperation Protocol signed by Angola and DRC signed on 30 June, 2007, for the joint exploration of hydrocarbons in the Common Interest Zone, an area located in the corridor between the two countries. (macauhub/AO)