Italian energy giant Eni signed a memorandum of understanding with Angola’s Sonangol to assess associated and non-associated gas resources in Angola’s offshore.
Under the MoU, the two companies plan to define joint projects throughout the value chain of the energy sector, Eni said in a statement.
The duo will jointly work on trading the assessed gas resources on both domestic and international markets, and the optimization of exploration activities and identification of new opportunities for joint exploration.
Also, it provides for the study of optimization 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.
In addition, Eni secured operatorship of the Cabinda North block, as well as 48 percent of the block’s rights. Previously the company controlled 15 percent of the onshore block in the north of the country.
Eni also has a 13.6 percent interest in the Chevron-led Angola LNG project that has a 5.2 million tons per year production capacity.