Luanda, Angola | – Italian energy giant Eni and Angolan national oil company Sonangol have signed an agreement to jointly develop oil and gas projects, offshore Angola.
The deal will see both firms establish a joint team to study the potential of the non-associated gas present in the Lower Congo Basin, a hydrocarbon production area located offshore Angola.
The companies will analyse several gas valorisation options both internationally and in the domestic market.
Both firms will also develop projects on the mid-downstream business, which will be undertaken in Angola.
Eni CEO Claudio Descalzi said: “This agreement will strengthen the prolific cooperation between Eni and Sonangol, confirming Angola as one of the key countries for the company’s organic growth strategy.
“In the coming years, Angola will become one of the most important oil and gas hubs for the Sub-Saharan activities of Eni.”
Eni, which has been operating in Angola since 1980, presently has an equity production of about 80,000 barrels of oil equivalent per day (boepd).
The company will also work as operator of the start-up of the deepwater Block 15/06 West Hub project, which is expected to commence by the end of this year.
Eni operates the Block 15/06 with a 35% interest, while Sonangol P&P and SSI Fifteen hold 30% and 25% stakes respectively; Falcon Oil Holding Angola and Statoil Angola each hold 5% stakes in the block.