Continental Focus, International Reach

ENI Adds to Acreage in Angola

Tuesday, November 28, 2017

ENI picked up new acreage in Angola, adding to its already extensive position in the continent. An agreement was signed between the head of the Italian firm, Claudio Descalzi and Sonangol’s Chairman of the Board of Directors, Carlos Saturnino.

The agreement gives ENI a 48% stake and operatorship of the Cabinda North block. ENI previously controlled a 15% stake in the block that is located onshore in a little explored oil basin in the north of the country.

In addition to the signing of the agreement for the Cabinda North, the two companies signed a MoU 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 optimization of exploration activities and identification of new opportunities for joint exploration.


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