Eni Signs Agreement Upping Its Stake in Angola's Cabinda North Block

By Sonia Amaral Rohter Features Dow Jones Newswires

ENI SpA (ENI.MI) said Monday that it signed an agreement with Sonangol, the National Oil Company of Angola, in which Eni gained operatorship of and increased its stake in an onshore block of an oil basin in the north of Angola.

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Under the terms of the agreement, Eni has been assigned operatorship of the Cabinda North block, as well as 48% of the block's rights. Prior to the agreement, Eni controlled 15% of the northern Angola block.

In addition, Eni and Sonangol signed a memorandum of understanding defining joint projects in the energy sector. It includes the assessment of associated and non-associated gas resources offshore of Angola, the optimization of exploration activities and the identification of new areas for joint exploration. It also covers the study of optimization measures in refining and trading in Angola, and the evaluation of renewable energy opportunities, particularly those related to solar energy.

Write to Sonia Amaral Rohter at sonia.amaralrohter@dowjones.com

(END) Dow Jones Newswires

November 27, 2017 08:02 ET (13:02 GMT)