Eni Signs Agreement Upping Its Stake in Angola's Cabinda North Block
November 27 2017 - 8:17AM
Dow Jones News
By Sonia Amaral Rohter
ENI SpA (ENI.MI) said Monday that it signed an agreement with
Sonangol, the National Oil Company of Angola, in which Eni gained
operatorship of and increased its stake in an onshore block of an
oil basin in the north of Angola.
Under the terms of the agreement, Eni has been assigned
operatorship of the Cabinda North block, as well as 48% of the
block's rights. Prior to the agreement, Eni controlled 15% of the
northern Angola block.
In addition, Eni and Sonangol signed a memorandum of
understanding defining joint projects in the energy sector. It
includes the assessment of associated and non-associated gas
resources offshore of Angola, the optimization of exploration
activities and the identification of new areas for joint
exploration. It also covers the study of optimization measures in
refining and trading in Angola, and the evaluation of renewable
energy opportunities, particularly those related to solar
energy.
Write to Sonia Amaral Rohter at
sonia.amaralrohter@dowjones.com
(END) Dow Jones Newswires
November 27, 2017 08:02 ET (13:02 GMT)
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