According to a statement by Italy’s Eni SpA, the company signed a memorandum of understanding with Angola’s state-owned parastatal Sonangol. Manuel Vicente, the chairman of Sonangol, and Eni CEO Paolo Scaroni signed a MoU on August 13 outlining the principles, objectives, and timing of a cooperation plan between the two companies that related to the economic, industrial, and social development of Angola. ENI said that the MOU covers a variety of development activities including onshore oil projects, facility upgrades, and even biofuels production.
A company statement specifically said that part of the MOU would include “participation in biofuel production, using the surplus of agricultural production not used for food.” According to the Eni model, the company “will operate in a certain area carrying out different initiatives in the energy, social, industrial, and educational fields, as well as in other projects (National Content), as contribution to the country’s industrial development.”
As with many E&P companies, ENI is looking into alternative energy opportunities. Scaroni and company COO Claudio Descalzi have been on an African tour in search of opportunities in all sectors. Electricity generated by methane and biofuels are just a couple of the options the company is considering.