Italy's oil and gas giant Eni on Monday inked an agreement to strengthen its presence in Angola's upsteam, downsteam, trading and renewable sectors and deepen its strategic alliance with Sonangol, Eni said.
Eni will operate the Cabinda North block and control 48 percent of the block's rights under the deal, signed by Eni CEO Claudio Descalzi and Sonangol chairman Carlos Saturnino in Luanda, Eni stated.
Italy's prime minister Paolo Gentiloni and Angola's president Joao Goncalves were also present at the signing ceremony, the statement said.
The Cabinda North, of which Eni previously controlled 15 percent, is an onshore block located in a little explored oil basin in the north of Angola, the statement added.
The two companies also signed a Memorandum of Understanding "to define joint projects throughout the whole value chain of the energy sector," said Eni.
The MoU provides for studies of gas resources in Angola’s offshore, to be traded on both domestic and international markets; the optimisation of exploration activities and the identification of new opportunities for joint exploration, Eni said.
The MoU also provides for the study of optimisation measures in Angloa's refining and trading sector and the evaluation of opportunities in the renewable energy especially the photovoltaic sector, according to Eni.
Eni has been present in Angola since 1980 through its subsidiary Eni Angola and currently produces 155,000 barrels of oil equivalent per day, the company stated.
