Italy's energy giant Eni and Korea Gas Corporation on Thursday agreed to look at future opportunities to join forces in a range of areas from exploration and production to Liquid Natural Gas, circular economy and low-carbon projects, Eni said in a statement.
The two companies have been cooperating in Exploration and Production business over the past decade in Africa, Middle East, South-East Asia and Mediterranean. In particular, the Mozambique Area 4 project and the Iraq Zubair project are representative example of success cooperative relationship between two companies.
“As Eni wants to play a decisive role in the process of energy transition towards a low-carbon future, this collaboration is in line with the direction we want to follow to ensure sustainable growth," said Eni's chief executive officer Claudio Descalzi.
"This memorandum of understanding fits our culture based on integration, efficiency and a constant focus on technological innovation and research," Descalzi added.
Eni and Korea Gas Corporation have been cooperating in exploration and production for a decade in Africa, the Middle East, Southeast Asia and Mediterranean. Notably successful projects have been the Mozambique Area 4 offshore block and the Zubair oil field in Iraq.
“By signing this MoU with Eni, we shared the strong willingness of both companies to lead the era of low-carbon and eco-friendly energy. Our strong relationship can settle the basis for a new business with the aim of the second Mozambique Area 4 and Iraq Zubair project, which represents the new energy era.” said Korea Gas Corporation CEO Hee-bong Chae.
Descalzi and Hee-bong signed Thursday's MoU.