Eni’s Chief Executive Officer, Claudio Descalzi and Sonangol’s Chairman of the Board of Directors Carlos Saturnino signed today an agreement that assigns operatorship of Cabinda North Block to Eni, as well as 48% the block’s rights. The signing took place in Luanda, in the presence of the President of the Republic of Angola João Gonçalves Lourenço and the Prime Minister of Italy Paolo Gentiloni. Cabinda North, of which Eni previously controlled 15%, is an onshore block located in a little explored oil basin in the north of the country, where Eni will be able to leverage the mining knowledge acquired in activities in a neighboring area in the Republic of Congo. In case of significant discoveries, production will be facilitated by existing infrastructure. In addition, the two companies signed a Memorandum of Understanding to define joint projects throughout the whole value chain of the energy sector. The MoU provides for the assessment of associated and non-associated gas resources in
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