You are here

Eni awarded two out of three exploration blocks offshore Cyprus

22nd January 2017

Eni has been awarded two exploration blocks offshore Cyprus, following the competitive international bid round - third licensing round.

Eni has been awarded two exploration blocks offshore Cyprus
Eni has been awarded two exploration blocks offshore Cyprus

Eni will be operator of Block 6 with a 50 per cent stake in partnership with Total and will acquire a 100 per cent stake in Block 8.

These two areas have geological affinities with those successfully explored by Eni in the neighbouring areas in the Egyptian offshore, with the discovery of the Zohr super-giant gas field. With these new assignments, Eni strengthens its strategic positioning in an area where, in addition to the blocks 9, 3 and 2 assigned following the second international bid round in 2012, the company also holds three exploration blocks on the Egyptian side: Shorouk (where the Zohr field is located), Karawan (where Eni has a 50 per cent stake) and North Leil (Eni 100 per cent). The company will leverage synergies with assets already in its portfolio, facilitating time to market and reducing costs.

“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,” Eni’s CEO Claudio Descalzi said. “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.”

Eni has been operating in Cyprus since 2013, where it holds and operates the offshore exploration blocks 2, 3 and 9.

Related topics: