Italian energy group Eni plans to spend around $7 billion in Angola over the next four years along with its partners in a country it sees as key to its future growth strategy. The money will be invested by Eni and its joint venture partners in the country in exploration and production, refining and solar energy. Eni, which has been in Angola since 1980, currently produces around 120,000 barrels of equity oil equivalent per day (boe) in the country. On Tuesday it announced a new offshore light oil discovery in its Block 15/06 where it has discovered over two billion boe since 2018. Besides its oil and gas activity, Eni is building a solar power plant in the country, which is expected to start operating in 2022, and jointly runs the Luanda Refinery with state oil giant Sonangol. Lower prices and increasing competition for investment are driving many African states to make it easier and cheaper for overseas companies to keep their oil and gas output flowing.
SOURCE: REUTERS AFRICA
More Stories
Wellness Destinations in Africa to Get away from it All
Will the Unmistakable Sound of Congolese Rumba Make it on the Heritage List?
Tanzania will Host the Inaugural East African Regional Tourism Expo
The Sanctuary Mandela’s Opening Deals Offer Public Up to 45% Off on All the Available Rooms
A Photo Series of Migrant Communities Who Make Up US Culture
The Dwell 24: The Urbanative
Evidence of Fur and Leather Clothing, Among World’s Oldest, Found in Moroccan Cave
No Waste Challenge Winner, Leafylife, Creates Diesel from Dirty Diapers
The Fugees Will be Playing Live Concerts in Ghana & Nigeria in December
Siba Mtongana Wants African Cuisine to Be a Staple Across the Globe
Benin, where Innovation and Recycling Meet
The Women trying to Revolutionise Agriculture in West Africa