Congo and Angola sign agreement on oil deposits

Mar 27, 2002 01:00 AM

Congo and Angola have signed a joint agreement with US petrol giant, ChevronTexaco, to explore and develop offshore oil deposits. The deposits are situated off the coasts of both countries.

The agreement occurred after a breakdown in negotiations between Congo and Angola on determining the legal boundaries of the maritime zone, rich in oil deposits. In September 2001, the two signed an initial agreement to explore the region.
Congo's Oil Minister Jean Baptiste Taty Loutard told that the new agreement was based on sharing production in case of discovering new deposits. All exploration and development will be carried out by ChevronTexaco, which is already involved in developing Angola's offshore deposits.

Angola and Congo, respectively the second and fourth biggest producers of oil in sub-Saharan Africa, have both recently discovered massive new offshore deposits. Angola, Congo and the Democratic Republic of Congo (DRC) are linked by a security pact, under which Angola has provided troops to back government forces against rebels in both Congos.

Source: AFP
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