Eni awarded two exploration blocks offshore Cyprus

12/27/2016

MILAN -- Eni has been awarded two exploration blocks offshore Cyprus, following a competitive international bid round.

Eni will be the operator of Block 6 with a 50% stake (Total will hold the remaining 50%), and it will also acquire a 100% stake in Block 8. According to Eni, these areas have geological affinities with those successfully explored by Eni in the neighboring areas in the Egyptian offshore.

With these new assignments, Eni strengthens its strategic positioning in an area where, in addition to Blocks 9, 3 and 2, which were assigned following the 2nd international bid round in 2012, the company also holds three exploration blocks on the Egyptian side: Shorouk (where Zohr field is located), Karawan (where Eni has a 50% stake) and North Leil (Eni 100%). The company will leverage synergies with assets already in its portfolio, facilitating time to market and reducing costs.

Eni CEO Claudio Descalzi said, "These assignments confirm the effectiveness of Eni’s exploration strategy, which keeps acquiring significant shares and uses the knowledge base resulting from the intense activity related to Zohr field. It is another step towards a possible future definition of a powerful hub for natural gas in the Eastern Mediterranean, which could play an important role in the future energy security of the area, as well as potentially in Europe’s energy security."

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