Eni to deepen its involvement in Nigeria’s oil, power sectors

Italy’s Eni said in a statement on Monday that it plans to deepen its involvement in Nigeria’s energy industry, increasing oil and gas exploration and helping to restore one of the country’s ailing refineries, Reuters reports.

Chief Executive Claudio Descalzi and Nigeria’s Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, met in Rome this week to sign several memorandums of understanding (MOU) to “further strengthen” Eni’s involvement in Nigeria. Eni said it will “intensify” oil and gas exploration, onshore and offshore, including deepwater sites. The plan stands in contrast to majors such as Royal Dutch Shell, which are looking to divest onshore holdings that are subject to widespread theft, sabotage and attacks by militant groups.

The company’s promise to work with the Petroleum Ministry to rehabilitate and “enhance” the Port Harcourt oil refinery, also represents a long-sought partnership for Nigeria’s government, which has been trying to reduce costly imported oil products. Eni also said it plans to press forward with long-standing plans to double power generation capacity at the 480 megawatt Okpai Independent Power Plant (IPP)in Delta state, which was built by Eni’s local subsidiary Nigerian Agip Oil Company.

 

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