Italian exploration company Eni has signed an agreement with Sonangol to become the operator of Cabinda North block in Angola.
Under the agreement, Eni will acquire 48% of the block’s rights.
The agreement allows the company to increase its stake in the block from the existing 15%.
Located in a relatively underexplored oil basin in the north of the country, Cabinda North is an onshore block.
Eni intends to benefit from the mining knowledge acquired in operations in a neighbouring area in the Republic of Congo.
The existing infrastructure is expected to be used for production from any new discoveries.
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By GlobalDataAdditionally, the companies signed a memorandum of understanding (MoU) to define opportunities to work together on projects across the whole value chain of the energy sector.
Pursuant to the MoU, Eni and Sonangol will evaluate gas resources in Angola’s offshore, to be traded on both domestic and international markets.
Furthermore, the MoU deals with the optimisation of exploration activities, as well as identification of new joint exploration opportunities.
It also comprises the study of optimisation measures related to the refining and trading sector in Angola.
The company’s equity production in Angola stands at 155,000 barrels of oil equivalent per day.
The agreements are expected to expand the company’s operational scope in the country.
