Italian oil firm, Eni, along with its partners in Angola, are planning to invest over $7 billion in Angola over the next four (4) years.
The aforementioned amount will be invested in the exploration, production and oil refining operations of Eni and its partners in the country.
Plans to invest $7 billion in the country were discussed in a meeting between Angolan President Joao Lourenco, and Eni CEO Claudio Descalzi on Tuesday, April 6.
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.
Angola has been working to improve the investment environment in its oil and gas industry by amending legal and fiscal terms.
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.
