The state visit by Azerbaijani President Ilham Aliyev to Italy this week is an important milestone which strengthens the cooperation between the two countries. Italy is one of the main countries for oil export for Azerbaijan and according to the sides, there is the possibility to consolidate collaboration in sectors such as science, tourism, infrastructure, construction, transport agriculture and industrial production.

According to Giulietto Chiesa, ”The Declaration on Strategic Partnership between Azerbaijan and Italy, signed several years ago, gave a significant impulse to cooperation and brought bilateral relations to a higher level.”

The US-based company Vaalco Energy has encountered oil sands in the new step out area with South East Etam 4P appraisal wellbore offshore Gabon.

According to Vaalco, the discovery contains similar reservoir quality as exists at the South East Etame 2H well.

Vaalco’s Chief Executive Officer Cary Bounds, commented, “We are delighted by the continued success from our 2019/2020 drilling campaign, where we have now successfully confirmed additional resources from the two appraisal wellbores and brought two development wells online above predrill expectations. We believe that the 2019/2020 drilling campaign has been transformational for VAALCO and set us on the path to achieve our ambitious organic growth plans”.

The fast drop of oil prices during the past week due to coronavirus has caused a remarkable alarm among OPEC members who are evaluating the option to extend the cut of the production until June.

At the time being, OPEC is closely watching the evolution of the market together with the expansion of the virus, and the first signs do indicate that the epidemic will be less violent than the SARS exploded in 2003.

However, it will be necessary to wait some more weeks to have a better picture of the situation.

ENI, together with Eni New Energy has officially inaugurated a new photovoltaic plant in Porto Torres with a capacity of 31 MW. The new plant was built on the Eni Rewind’s areas. The annual output will be of 50 GWh, 70% of which will be self-consumed by the utilities connected to the Versalis net.

This is the second plant built by Eni in Sardinia. The project aims to the requalification of industrial areas for the realisation of renewable energy production plants. This according to the company’s strategy for the energy transition.