Eni Secures New Offshore Blocks (Egypt)
Eni was the successful bidder of new exploration licenses in Egypt as a result of the competitive 2013 EGAS bid round. The new licenses will be formally awarded soon, after the ratification and finalization of the Concession Agreements.
As a result of the EGAS bid round, Eni will become the operator of Block 9 and Block 8, located in deep offshore waters of the Mediterranean Sea, near the boundary with Cypriot waters.
Eni will hold 100% equity in Block 9, also named North Leil Offshore, which covers an area of 5,105 square kilometers in water depths ranging from 2,100 to 2,800 meters.
In Block 8, also named Karawan Offshore Eni will be partner with BP, with both companies holding a 50% equity interest. This license covers an area of 4,565 square kilometers in water depths ranging from 2,000 to 2,500 meters.
Claudio Descalzi, Eni’s CEO, said: “I am very pleased with the acquisition of these new exploration permits which further strengthens our presence in Egypt, a historically and strategically important country for Eni.”
Press Release, September 25, 2014
