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
The Marshall Nature Reserve Gives a Different Glimpse of the Sudanese Capital
The Journey of Moving Tanzanians Around
Correcting Kinshasa’s Commodity Crisis
Can African Leaders Rate Themselves?
First Black African to Win Grand Tour Stage
Financing Dangote’s Fertiliser Dream Tougher than Expected
This is a Moment for the Women of Kenya
US Support in Somalia Couldn’t Have Come at a Better Time
A Symbol of Sudan’s Resistance
Families of Trapped Miners in Limbo
Google Translate Announces an Addition of 10 Languages Spoken in Africa
All Four Tourists Reported Missing in the Fish River Canyon have been Accounted For