The Chairman of Sonangol EP, Francisco de Lemos José Maria, met Eni’s CEO, Claudio Descalzi, & Total’s President, Patrick POUYANNE, in Novemer & December respectively.
The Chairman of Sonangol, Francisco de Lemos Maria, met Eni’s CEO, Claudio Descalzi, in Rome. During the meeting, which further strengthened the strategic and operational partnership between the two companies, they confirmed their commitment to using the gas extracted by Eni in Angola to provide energy for the domestic market and to support the local economy. In the coming months the two companies will undertake the evaluation of development projects of gas fields in the Angolan basin of the Lower Congo. The gas will be used for the generation of electrical energy in the country, potentially 1.5 GW.
In addition, as part of downstream activities Eni will support Sonangol in order to define the Lobito refinery project, which will be developed in the coming months.
These initiatives will benefit from Eni’s wealth of experience and technical expertise in the discovery, development and production of gas resources and from Sonangol’s oversight of the gas value chain and Angolan oil products.
Eni will also provide its own support for the outline of an agricultural project that aims to boost employment and promote diversification of the country’s economy.
"This agreement confirms Eni’s strategy in Sub-Saharan Africa. We are accelerating organic growth in upstream and supporting local communities through projects that provide access to energy, develop downstream facilities and produce economic diversification" said Claudio Descalzi.
Eni has been present in Angola since 1980 with a net production of about 105,000 barrels of oil equivalent per day. Eni has a 35% stake in the deep waters of block 15/06, where on 30th November 2014, it began production of the West Hub Development Project, just 4 years after the announcement of its commercial discovery. The block 15/06 also includes the East Hub Development Project, which is under development and will start producing in 2017.
The Chairman of the Board of Directors of Sonangol EP, Francisco de Lemos José Maria, and President of Total, Patrick POUYANNE, signed by the evening of Monday, December 21, the national oil company headquarters, an important agreement intentions whose purpose is to explore the West in grants in ultra deep water.
The agreement in question is of capital importance in the context of the targeted promotion of investment in the oil sector. Further, a memorandum was signed that will allow Total, direct investment in the distribution and sale of oil products in Angola. This action, to consolidate through a partnership between the two companies, embodies the government's strategy of liberalization of trade in the sector.
This agreement with Total, the largest foreign oil operator in the country, represent an investment of hundreds of millions of dollars, with benefits both immediate and long-term.
It should be noted that hours earlier, in the early afternoon, the Chairman of the national state oil company's management had already initialed with the Directors of the companies of the Block 32 contractor group, an agreement introduces an adjustment addendum to the draft Kaombo. The agreement, suits the current juncture, the economics of Sharing Contract until then in effect. The Kaombo Project is one of the most prolific of today and will soon allow the recovery of production of over 220,000 barrels of oil day, a significant growth rate for the purposes of oil production in Angola.
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