Italian oil and gas firm Eni announced it will invest $1.5 billion to develop oil resources in the Republic of Congo, Shanghai Daily reported. Last year, Italy's largest energy company found significant oil deposits in Bloc Marine XII off the shore of the Republic of Congo.
"We have discovered a lot of oil reserves and we believe these are not the last discoveries," said Claudio Descalzi, general director of Eni. "We estimate it to be around 3.5 billion barrels of oil. In addition, we have also discovered huge gas deposits."
Eni has 65 percent interest in the offshore Block Marine XII. Descalzi said the company plans to inject a huge amount of investment in the Republic of Congo and Mozambique.
During its fourth quarter 2013 report, Eni said it plans to hold exploration operations in the Republicof Congo's Cuvette Basin. For the full year of 2013, the company had a profit of $17.21 billion. Oil and gas production reached 1.619 million barrels of oil equivalent per day with 1.8 billion barrels contributing to Eni's resource base, including from operations in the Republic of Congo.