Italy's Eni granted new exploration, production license in Angola's Namibe offshore basin

Source: Xinhua| 2020-01-17 23:49:38|Editor: yan
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LUANDA, Jan. 17 (Xinhua) -- Italian multinational oil and gas company (Eni) has been awarded with 60 percent operation share of Block 28, in Angola's Namibe offshore basin.

A press release posted Friday on Eni's website says that state concessionaire for oil & gas rights in Angola (ANPG) has awarded Eni as a result of the international competitive bid round 2019.

With a 60 percent share, Eni will be the operator of the license, located in deep water in the unexplored Namibe basin.

According to the note, the joint venture will include Angolan state oil company Sonangol with 20 percent share, while the remaining 20 percent will be assigned to a third partner during the closing of the contract.

"The award comes as an outcome of the 1st international competitive bid round where open blocks were offered by ANPG in the Namibe-Benguela basin as a part of the oil gas licenses planned offer for onshore and offshore, in the period 2019-2025", says the note.

The award allows Eni to further consolidate its long term presence in the southern African country which the note considers as strategic for Eni's organic growth.

Block 28 is located in a frontier exploration area some tens of kilometers from the coastline, with water depth ranging between 1,000 and 2,500 meters.

Eni has been present in Angola since 1980 and currently accounts an equity production of about 145,000 barrels of oil equivalent per day.