Oil: Eni and Sonangol sign production sharing contracts for blocks in Angola

On July 12, producers Eni, Sonangol and Tiptop Energy signed production sharing contracts (PSC) for blocks 27 and 28 with the Angolan Oil Sector Regulatory Authority (ANPG).

Sonangol has obtained exclusivity on Block 27 and also owns a 20% stake in Block 28, which lies south of Block 27 in the Namib Basin. Eni operates block 28 with a 60% stake, while Tiptop Energy owns the remaining 20%. Sinopec International is the parent company of Tiptop Energy.