ENI’s Meeting in Gabon Confirms Growing Appetite for African Assets

While the UK Trade & Investment (UKTI) agency is urging UK firms to capitalise on opportunities in Africa’s oil and gas industry, Italy’s ENI is already on its way to take advantage of its gas and condensates discovery off the coasts of Gabon.

‘During the meeting, Claudio Descalzi has reiterated the importance that Africa Sub Sahariana’s region plays in ENI’s strategies, underlying  his interest in building with Gabon an important partnership,’ reads a note released by the six-legged dog.

Initial estimates have suggested that Nyonie Deep, located in exploration block D4, has a potential of 500 million barrels of oil equivalent in place. 

‘ENI’s CEO also informed the President of Gabon that preliminary studies to determine the commercial development of the gas in both the domestic and export markets are underway.’

Earlier this year, ENI acquired a 40% stake in an exploration permit off the eastern coast of South Africa. 

UKTI does not consider Gabon and South Africa to be amongst the most promising countries in Africa for oil and gas operations. According to the British agency, the UK companies should focus on Nigeria, Ghana, Kenya, Uganda, Mozambique and Tanzania.  

As said several times, European companies are trying to diversify their portfolio, tapping Africa’s abundant oil and gas reserves. The interest for African assets is visibly growing in the last months. And it is not just European companies looking at these opportunities. 

On Monday, for instance, Turkey’s Minister of Energy and Natural Resources Taner Yıldız confirmed Ankara’s intention to increase its energy investments in Africa. Natural Gas Europe anticipated the plan in an article published in April.