Eni strengthens position in Egypt

Eni strengthens position in Egypt

Signs concession agreements for two new exploration blocks in the Egyptian Mediterranean

As a result of the EGAS 2013 bid round, Eni signed two concession agreements for the North Leil and Karawan blocks offshore Egypt.

Eni is the operator and holds 100% equity in North Leil and 50% equity in Karawan, where it partners with BP. The two blocks, which will be operated by Eni’s subsidiary IEOC, are located in the deepwater offshore of the Mediterranean, west of the Shorouk block, which Eni acquired last year. North Leil and Karawan blocks cover areas of 5,105 and 4,565 square kilometers respectively.

The signature of these two new concession agreements follows that of Southwest Meleiha Block recently awarded, further strengthening Eni’s position in Egypt, a country of historic and strategic importance for the Company, and relaunching Eni’s exploration activities in the Egyptian’s offshore.

Eni has been present in Egypt since 1954 and is the main producer in the country with an equity of approximately 210,000 barrels of oil equivalent per day.

Source: Eni

Oil and Gas Press