The Chairman of Sonangol, Francisco de Lemos Maria, met Eni’s CEO, Claudio Descalzi. During the meeting, they signed the commitment to upgrade the current plans for Lobito Refinery of Sonangol with Eni’s expertise and know-how in the downstream sector including the potential synergies deriving from Eni’s existing refineries.

The meeting offered also the opportunity to agree on which instruments are needed to increase demand on investments into the upstream sector and particularly in the operated block 15/06, where Eni is carrying out the activities for the development of West Hub and East Hub. In addition, they discussed the progress of the ongoing evaluation of the gas resources in the Lower Congo Basin, in the framework of a strategy aimed at guaranteeing accessible energy in the countries where the company operates. Once these are developed, they will allow energy supply to the internal market, sustaining local economy and the agricultural projects which ease the diversification of the Country’s economy.

Eni has been present in Angola since 1980 with a net production of about 105,000 barrels of oil equivalent per day. Eni has a 35% stake in the deep waters of block 15/06, where on November 30th 2014, it began production of the West Hub Development Project, just 4 years after the announcement of its commercial discovery. The block 15/06 also includes the East Hub Development Project, which is under development and will start producing in 2017.

About ENI

Eni is an integrated company that operates across the entire energy chain, employing some 78,000 people in 90 countries around the world. Scientific research and technological innovation are at the heart of its strategies for sustainable development.
Eni’s excellent portfolio of conventional oil assets with competitive costs and the strong resource base with options for anticipated monetization ensure a robust value generation at Eni’s upstream activity. The vertical integration provided by the large presence in the gas and lng markets, and the know-how in refining and chemical sectors enable the company to capture synergies and catch joint opportunities and projects in the marketplace.

About Sonangol

SONANGOL is a parastatal (a partially state-owned corporation or government agency, cf. national oil company) that oversees petroleum and natural gas production in Angola. The group has many subsidiaries. The subsidiaries generally have Sonangol as a primary client, along with other corporate, commercial and individual clients. Angola is estimated to have over 5 billion barrels of offshore and coastal petroleum reserves, and new discoveries are outpacing consumption by a 5 to 1 ratio.