Eni and Sonangol E.P. sign Angola PSC

Eni and Sonangol E.P. have signed a production sharing contract (PSC) for the exploration of Block 35, which is situated in deepwater offshore Angola, 150km off the coast of the capital Luanda

The Block covers approximately 4,900 sq/km of potential mining acreage in the deep water of the northern Kwanza Basin, one of the most attractive areas for pre-salt exploration in West Africa.

The contract encompasses the drilling of two wells at pre-salt play and the acquisition of a 3D seismic survey of 2,500 sq/km. These commitment activities will take place during the first exploration period, which will last five years. Eni is the operator of the project with a 30 per cent interest and the other partners in the joint venture are Sonangol P.P. (45 per cent) and Repsol Exploracion SA (25 per cent).

Eni will utilise its extensive deepwater experience, gained through its participation in Blocks 15 and 14, where it holds a 20 per cent interest, and through its operatorship of Block 15/06 (with a 35 per cent interest), where the company successfully completed the first exploration campaign with the sanctioning of two development projects. This PSC strengthens Eni's presence in Angola and reinforces its commitment to deepwater developments. The technological complexity of these frontier projects requires specific skills and expertise which are key factors in the company's success.

Eni has been present in Angola since 1980. Its current equity production is approximately 130,000 barrels of oil equivalent per day.

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