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%.
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.