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Congo DR, Angola advance talks over decades-long oil block dispute

Published

2 years ago

June 6, 2023

Discussions are on to end a decades-long dispute between the Democratic Republic of Congo and Angola over an off-shore oil block.

Congo’s petroleum resources minister, Didier Budimbu made the position known on Tuesday when he revealed that the agreement which was proposed by Angola and energy giant, Chevron would be a production-sharing deal.

The minister further revealed that the deal allowed each country take a 30% stake in block 14, and operator, Chevron the remaining 40%. He also said talks were ongoing between countries to hasten the process.

“We are due to meet again very soon and things can move very quickly”.

Budimbu stated that Sonangol, Angola’s state-owned oil company, would write off a $200 million debt owed to it by Sonahydroc, Congo’s state oil company, as part of the agreement.

A resolution between the parties could ease tensions between the two countries over the blocks, which Angola has long controlled. However, the deal in view will result in “the two countries having around 30% and 40% for the operator.”

Under international law, the Democratic Republic of the Congo (DRC) has a legitimate claim to large areas of oil-rich maritime territory currently held by Angola. With access to this territory, the DRC would become Sub-Saharan Africa’s top oil producer.

Sonangol and Chevron, Angola’s state-owned oil companies, did not respond to requests for comment.

Related Topics:Angola Angola and Congo DR Congo DR Featured

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”