Eni and Sonangol have agreed to up a joint team aimed at studying the potential of the non-associated gas present in the Lower Congo basin.
Under the agreement, Eni and Sonangol will set up a joint team aimed at studying the potential of the non-associated gas present in the Lower Congo Basin, a highly promising area in terms of hydrocarbon production located offshore Angola.
The scope of the study is to analyze the different gas valorization options both internationally and in the domestic market, where gas will have a crucial role in order to sustain the local economy.
The companies will also be committed to develop projects on the mid-downstream business to be carried out in Angola.
“This agreement will strengthen the prolific cooperation between Eni and Sonangol, confirming Angola as one of the key countries for the company's organic growth strategy," Eni CEO Claudio Descalzi said. "In the coming years, Angola will become one of the most important oil and gas hubs for the sub-saharian activities of Eni."
Eni has been present in Angola since 1980 and currently has an equity production of approximately 80,000 barrels of oil equivalent per day. It is also engaged as operator in the upcoming start-up of the deep water Block 15/06 West Hub project, which is due to start by the end of 2014.