Eni strengthens its presence in the Eastern Mediterranean Sea

Eni strengthens its presence in the Eastern Mediterranean Sea

Editorial Staff
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With the latest agreement signed with Total to acquire 50% of the block 11, near the super-giant Zohr, the Italian company consolidates its operations offshore Cyprus

Eni announces that has finalized a farm-in agreement with Total to acquire a 50% Participating Interest of Block 11 in Offshore Cyprus. The agreement, which leaves Total as the Operator of the Block, has been approved by the Council of Ministers of the Republic of Cyprus. With this transaction Eni further reinforces its own position in the Country, acquiring the right of exploring an area of 2,215 square kilometers, close to the "super giant" Zohr discovery in the Egyptian offshore. The rights on Block 11 were assigned by the Republic of Cyprus to Total back in 2013, at the conclusion of the second international bid round held by the Country. The exploration well is expected to be drilled within 2017. This agreement is part of Eni’s strategy aimed at increasing its own exploration portfolio in a strategic area of the Eastern Mediterranean Sea. Eni has been operating in Cyprus since 2013 through its subsidiary Eni Cyprus Ltd and holds exploration rights on Blocks 9, 3,2 (Eni 80% Op., Kogas 20%) awarded in the second round. Eni has also been chosen during the third competitive bid round, as a selected bidder for Block 6 (Eni 50% Op.,Total 50%) and Block 8 (Eni 100% Op.).

For an in-depth analysis, browse Oil 31 "The Mediterranean at Full Throttle"