Italian group ENI announces investments in Angola

8 July 2015

Italian oil group ENI plans to invest US$4.5 billion over the next two years in oil exploration in Angola the chief executive of the group said Tuesday in Rome during a meeting with the Angolan president.

“We will invest to develop the 15-06 block over the next two years,” said Claudio Descalzi, quoted by Italian news agency AGI (Agenzia Giornalistica Italia), adding that the group would reach production of 100,000 barrels per day by the end of 2015 “an amount that will double in the next three and a half to four years.”

Descalzi said he had spoken to José Eduardo dos Santos “about the gas we found in Angola” and said he presented a proposal for exploration with the aim not to export it but to sell it to Angolan industrial customers.

The meeting was also used to discuss other issues, particularly in the energy sector, such as the development of renewable energies, especially solar energy production in remote areas of Angola, and the possibility of building transmission lines, both in coastal and inland areas.

The visit by dos Santos to Italy came a year after Italian Prime Minister Matteo Renzi visited Angola to strengthen bilateral economic ties, and a meeting between the two took place on Monday. (macauhub/AO)