Eni and Korea Gas sign MoU on energy cooperation

Italian oil and gas firm Eni and Korea Gas Corporation have signed a memorandum of understanding (MoU) to further strengthen their cooperation in the energy sector.

Under the MoU, the companies aim to identify specific cooperation opportunities in areas such as exploration and production (E&P), liquefied natural gas (LNG), as well as downstream and infrastructure.

The two firms will also seek opportunities in low-carbon energy projects.

Korea Gas Corporation CEO Hee-bong Chae said: “By signing this MoU with Eni, we shared the strong willingness of both companies to lead the era of low-carbon and eco-friendly energy.

“Our strong relationship can settle the basis for a new business with the aim of the second Mozambique Area 4 and Iraq Zubair project, which represents the new energy era.”

Since a decade, Eni and Korea Gas have been cooperating in E&P business in Africa, the Middle East, South-East Asia, and the Mediterranean.

According to Eni, the Mozambique Area 4 and the Iraq Zubair projects represent a successful cooperation between the two companies.

Eni CEO Claudio Descalzi said: “As Eni wants to play a decisive role in the process of energy transition towards a low-carbon future, this collaboration is in line with the direction we want to follow to ensure sustainable growth.

“This MoU fits our culture based on integration, efficiency and a constant focus on technological innovation and research, which has allowed Eni to enhance the assets in a different way.”

In April this year, Eni registered an adjusted operating profit of €1.31bn ($1.41bn) in Q1 2020, a 44% fall compared to Q1 2019.

In the same month, Eni made its new supercomputing infrastructure available for use in the fight against Covid-19. The energy major partnered with European researchers to help in the analysis of the virus.