Eni Signs Agreement for Congo Offshore Development

By MarEx 2014-07-21 20:06:00

The Congolese Minister of hydrocarbons, André Raphael Loemba, and Eni CEO, Claudio Descalzi, in the presence of President of Congo Dennis Sassou Nguesso and the Italian Prime Minister, Matteo Renzi, have signed a cooperation agreement which states Eni’s intention to pursue new initiatives in the Congolese coastal basin, which extends from onshore Mayombe to the deep-offshore.

The agreement was signed in Brazzaville during the Italian Prime Minister’s official visit to Republic of Congo. Claudio Descalzi confirmed the historical and strategic importance of the country for Eni while reaffirming the company's best efforts to continue the development of its activities, especially regarding the fields for which the Congolese government has extended permissions (Madingo, Marine and Marine VI VII). These permissions were granted in late 2013, following strategic negotiations.

Eni has been operating in Republic of Congo since 1968. 2013 production in the country was about 120,000 barrels of oil equivalent per day. In Sub-Saharan Africa, Eni is also present in Angola, Ghana, Gabon, Mozambique, Nigeria, Democratic Republic of the Congo, Togo, Kenya and Liberia. Eni currently produces around 450,000 of oil equivalent per day in Sub-Saharan Africa, due to successful exploration activity and rapid growth.