ENI signs agreement with Sonangol to develop Angolan gas

(AGI) Rome, Nov 17 - An agreement to cooperate on oil and gasprojects in Angola was signed on Monday by Francisco de LemosMaria, President of Angolan national oil company Sonangol, andClaudio Descalzi , CEO of Italian oil and gas giant ENI. Thetwo companies will set up a team to investigate the potentialof non-associated gas in the Lower Congo Basin, a highlypromising area for hydrocarbon production in offshore Angola.The study will analyse gas valorisation options internationallyand in the domestic market, where gas will have a crucial rolein sustaining the economy. The team

(AGI) Rome, Nov 17 - An agreement to cooperate on oil and gasprojects in Angola was signed on Monday by Francisco de LemosMaria, President of Angolan national oil company Sonangol, andClaudio Descalzi , CEO of Italian oil and gas giant ENI. Thetwo companies will set up a team to investigate the potentialof non-associated gas in the Lower Congo Basin, a highlypromising area for hydrocarbon production in offshore Angola.The study will analyse gas valorisation options internationallyand in the domestic market, where gas will have a crucial rolein sustaining the economy. The team will use ENI's proprietaryexpertise and experience in developing gas resources worldwide.The companies will also develop projects on the mid-downstreambusiness in Angola. The agreement represents another milestonein the long-standing relationship between ENI and Angola, andwill enhance further the "south-north corridor" strategy of thecompany. ENI has worked in Angola since 1980 and has an equityproduction of about 80,000 barrels of oil equivalent a day. ENIis also taking part in the start-up of the deep water Block15/06 West Hub project, which is due to begin by the end of theyear. "This agreement will strengthen the prolific cooperationbetween Eni and Sonangol, confirming Angola as one of the keycountries for the company's organic growth strategy," said CEOMr Descalzi. "In the coming years, Angola will become one ofthe most important oil and gas hubs for the sub-Saharanactivities of ENI." (AGI) . .