Eni, Sonangol Ink MOU to Develop Angola's Industrial Economy

Sonangol Chairman Manuel Vicente and Eni CEO Paolo Scaroni have signed an MOU outlining the principles, objectives and timing of a co-operation plan between the two Companies, related to the economic, industrial and social development of Angola.

The signing of the MOU, which utilizes the Eni model, as basis of negotiation for various projects, paves the way for Eni to engage in new opportunities in the Angolan onshore with high prospectivity and production potential, promoting Eni’s proprietary technology and strengthening the partnership with Sonangol by sharing the Eni model.

According to the Eni model, the Company will operate in a certain area carrying out different initiatives in the energy, social, industrial and educational fields, as well as in other projects ("National Content"), as contribution to the Country’s industrial development.

The MOU dedicates special attention to projects related to:

- Onshore oil activities' development and contribution to the enhancement of the Country’s energy facilities through the valorization of the associated gas aimed at power generation for the benefit of the communities and the industry of Angola;

- Participation to biofuel production, using the surplus of agricultural production not used for food;

- Implementation of educational projects and cooperation in professional formation;

- Analysis and evaluation of participation to further opportunities in the hydrocarbon sector.

- The MOU represents a significant step forward in the consolidation of the Eni presence in Angola, where the company has been present since 1980. Eni has a current equity production of approximately 130,000 barrels of oil equivalent per day, and is committed to an important exploration campaign in the block 15/06, in Angolan deep water, where it is Operator.