ROME: Italy’s ENI and Angola’s state oil company Sonangol have agreed to finalise the evaluation of a gas field project that could generate up to 1.5 gigawatts (GW) of electricity for the southern African nation.
Sonangol and Eni said they would conclude the evaluation of the fields in the coming months, but did not give a specific date. The project covers gas fields in the Lower Congo Basin, the firms said in a statement on Thursday.
The Lower Congo Basin on Africa’s west coast covers 115,000 square km from the Republic of Congo to Angola.
The statement was issued following a meeting in Rome with the chairman of Sonangol, Francisco de Lemos Maria, and ENI’s Chief Executive Officer Claudio Descalzi.
The meeting also resulted in an agreement between the two companies to collaborate on the development of the Lobito refinery project, with the intention that Angola will become independent in oil and gas supply,” the statement said.
Lobito was expected to be completed by 2011 but was delayed due to rising costs and financing setbacks.
Oil output represents 40 percent of Angola’s gross domestic product and over 95 percent of export revenue.
