- The Democratic Republic of the Congo and Angola are on the verge of settling a 50-year dispute over an offshore block.
- A successful agreement could help reduce tensions between the two countries and result in Angola's state-owned oil company, Sonangol, forgiving a $200 million debt owed by the Congo's national oil company.
- In addition to the potential settlement, Congo and Angola are expanding their collaboration in various sectors.
The Democratic Republic of the Congo and neighboring Angola are close to reaching a settlement on one of their offshore blocks, which has been the subject of a 50-year dispute, the Congo's oil minister told Reuters.
According to Didier Budimbu in an interview with Reuters in Paris, the production-sharing agreement put out by Angola and Chevron (CVX.N) 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 a reaction from Sonangol and Chevron, the state-owned oil companies in Angola, went unanswered.