Eni and partners to invest $7 billion in Angola

LUANDA, April 8, 2021 – Eni and its partners will invest USD 7 billion in Angola over the next four years, the company said on Wednesday.

The super-major and its joint-venture partners will invest the funds in exploration and production, refining and solar energy.

The plans were discussed between Angolan President João Lourenço and Eni CEO Claudio Descalzi in a meeting on Tuesday and confirmed the next day in a report by Reuters.

Also on Tuesday, Eni unveiled a major light oil discovery in Angola’s deepwater offshore Block 15/06. The discovery was estimated at 200 million-250 million barrels of oil in place and the company anticipates production of 10,000 bopd from the well.

Eni has equity production of at least 120,000 boepd from Block 15/06 and other Angola upstream assets, and partners with Sonangol to run the Luanda Refinery. The company is also teaming up with the NOC to build a 50-MW solar plant in Namibe.

For more on Eni’s operations in Angola, read our latest interview with managing director Matteo Bacchini.

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