M a r k e t N e w s

Eni and Sonangol sign deal to develop gas in Angola

Posted on : Friday, 21st November 2014


Angola-based Sonangol and Italy’s Eni have signed a cooperation agreement to develop gas resources in the southern African country
According to the agreement, Eni and Sonangol will set up a joint team to study the potential of gas present in the Lower Congo Basin located offshore Angola.
The joint team will then analyse the different gas valorisation options in both the international and the domestic market where gas resources plays a crucial role in order to sustain the local economy.
Sonangol added that the team will benefit from Eni’s proprietary expertise and substantial experience in developing gas resources worldwide.
Claudio Descalzi, CEO of Eni, said, “This agreement will strengthen the prolific cooperation between Eni and Sonangol, confirming Angola as one of the key countries for the company’s 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.”
According to Eni, the Lower Congo Basin has a huge potential in terms of hydrocarbon production.

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