Congo Finalise Agreement With Angola and Chevron Over Oil Block 

Congo Finalise Agreement with Angola and Chevron Over Oil Block (News Central TV)

The Democratic Republic of the Congo and neighbouring Angola are close to reaching a settlement with Chevron on one of their offshore blocks, which has been the subject of a 50-year dispute, the Congo’s oil minister said.

According to Didier Budimbu in an interview with newsmen in Paris, the production-sharing agreement put forth by Angola and Chevron calls for each nation to own 30% of block 14 and operator Chevron to have the remaining 40%.

Didier Budimbu

A successful agreement might aid in reducing tensions between the two nations over the blocks, which Angola has long held. Requests for reaction from Sonangol and Chevron, the state-owned oil companies in Angola, went unanswered.

“We are due to meet again very soon and things can move very quickly,” Budimbu said. “The two countries will have around 30%, and 40% for the operator.”

On the further blocks that cross both nations’ borders on the Atlantic coast, he claimed that conversations were still ongoing.

According to Budimbu, Sonangol, the state-owned oil business of Angola, will write off a $200 million debt that Sonahydroc, the state oil company of the Congo, owes Sonangol.

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