Italy's Eni has announced that is has become the operator of the onshore Cabinda North block as it ups its stake as well as strengthening its presence in the upstream, downstream and trading sectors in the country.
Eni’s CEO Claudio Descalzi and Sonangol’s Chairman of the Board of Directors Carlos Saturnino signed an agreement that assigns operatorship of Cabinda North block to Eni, as well as 48 per cent of the block’s rights.
Cabinda North, of which Eni previously controlled 15 per cent, is an onshore block located in a little explored oil basin in the north of the country.
Eni said that in case of significant discoveries, production will be facilitated by existing infrastructure.
In addition, the two companies signed a Memorandum of Understanding to define joint projects throughout the whole value chain of the energy sector. 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, and the optimisation of exploration activities and identification of new opportunities for joint exploration.
In a statement Eni said that these agreements expand the scope of Eni's activities in Angola and strengthen its presence in the country, while consolidating the strategic alliance with Sonangol.