Eni Signs Angolan Gas-Development Deal

Italian major Eni said CEO Claudio Descalzi and Sonangol Chairman Francisco de Lemos Maria signed Monday a strategic agreement to co-operate in developing gas resources in Angola.

Eni and the Angolan national oil company plan to set up a joint team aimed at studying the potential of the non-associated gas present in the Lower Congo Basin – which Eni describes as a "highly promising area" in terms of hydrocarbon production located offshore Angola.

The scope of the study is to analyze the different gas valorization options both internationally and in the domestic market, where gas will have a crucial role in order to sustain the local economy. Eni said the joint Sonangol-Eni team will benefit from the Italian company's proprietary expertize and substantial experience in developing gas resources worldwide.

Descalzi commented in company statement:

"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."



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