Eni steps up activities

Italian energy company Eni has increased its activities in lusophone Africa, with rising oil production in Angola and the acquisition of new exploration rights in Mozambique, while also furthering its business in north Africa.

Eni has recently seen an increase of oil production in Angola, up to 50,000 barrels per day, as a result of its investment it has made in the 15/06 offshore block, with further exploration and development due in 2019. The progress was announced by Eni chief executive Claudio Descalzi during his recent meeting with Angolan President João Lourenço on November 7. At the meeting, an agreement was signed increasing Eni’s offshore concession, to allow it to increase exploration.

In Mozambique, the company signed a contract for the exclusive exploration and development rights for the 5,000 square kilometre A5-A offshore block, 1,500 kilometres north east of Maputo, in the Northern Zambezi Basin, following a licensing round.

Eni the major stakeholder in a consortium to operate the block, which includes South Africa’s Sasol and state-owned Mozambican company Empresa Nacional de Hidrocarbonetos.

Late last year, Mozambique secured an USD 8 billion investment in its Coral South floating liquefied natural gas (FLNG) project, for which Eni is the operator, having been active in Mozambique since 2006.

Meanwhile, in Egypt, the company has sold a 20 percent stake in the Nour North Sinai Offshore concession in the Eastern Mediterranean to Abu Dhabi state-owned Mubadala Petroleum, subject to regulatory approval.

Eni currently owns 85percent of the concession, in partnership with Egypt’s state-owned Tharwa Petroleum Company.

Descalzi said in a statement that the transaction “confirms Mubadala Petroleum’s trust in Eni’s robustness as operator, both in projects development and exploration activities”, while Mubadala chairman Musabbeh Al Kaabi noted the deal “enables Mubadala Petroleum to further expand our position in Egypt while deepening our strategic partnership with Eni”.

It follows the recent acquisition of a major share in the Eastern Mediterranean Gas Company, operator of the EMG Pipeline which connects Egypt and Israel, by United States-headquartered Noble Energy.

SOURCE: The Nation

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