Eni Buys Stake in Liberia Offshore Blocks

Eni Buys Stake in Liberia Offshore Blocks

Eni has signed a sale and purchase agreement with Chevron for a 25% interest in the LB 11, LB12 and LB14 blocks offshore Liberia.

Blocks LB 11, LB12 and LB14 are operated by Chevron, extend over 9,560 square kilometres and are located on the shelf and continental slope of Liberia between 0 and 3,000 metres of water depth.

The Joint Venture is composed of Chevron (45%), Eni (25%) and Oranto (30%).

With this agreement Eni is expanding its position in the exploration of the West Africa Transform Margin. Eni has been present in Sub Saharan Africa since the 1960’s and is now operating exploration and production projects in Angola, Congo, Ghana, Gabon, Mozambique, Nigeria, Democratic Republic of Congo, Togo and Kenya. Its current operated production in the region is approximately 450,000 barrels of oil equivalent per day.

Press Release, August 02, 2012;  Image: Chevron