Eni has become operator of Cabinda north and strengthens its presence in the upstream, downstream, trading and renewable sectors in Angola
Eni has signed a Memorandum of Understanding with Sonangol to define joint projects throughout the whole value chain of the energy sector, Eni confirmed.
The company, which has been present in Angola since 1980 through its subsidiary Eni Angola, produces around 155,000 barrels of oil equivalent per day.
Eni’s CEO Claudio Descalzi and Sonangol’s chairman of the board of directors Carlos Saturnino have entered an agreement that assigns operatorship of Cabinda North block to Eni, as well as 48 per cent the block’s rights.
The signing of the deal was held in Luanda at the presence of the President of the Republic of Angola João Gonçalves Lourenço and the Prime Minister of Italy Paolo Gentiloni.
Eni previously controlled 15 per cent of Cabinda North, which is an onshore block situated in a little explored oil basin in the north of the country, where Eni will be able to leverage the mining knowledge acquired in activities in a neighboring area in the Republic of Congo.
The MoU provides for the assessment of associated and non-associated gas resources in Angola’s offshore, to be traded on both domestic and international markets. In addition to this it provides the optimisation of exploration activities and identification of new opportunities for joint exploration.
Also agreement is also expected to provide the study of optimisation measures in the refining and trading sector in Angola, and the evaluation of opportunities in the sector of renewable energy and, in particular, in photovoltaic.
