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Eni Awarded 3 New Exploration Licenses in Egypt

Source: Reuters 9/25/2014, Location: Africa

Italian oil major Eni said it had been awarded three new exploration licenses in Egypt as it grows its footprint in Africa.

State-controlled Eni said in a statement it had been the successful bidder for the licenses, adding they would be formally awarded soon.

The major said it had been awarded a 100 percent interest and operatorship of the onshore block South-West Melehia in Egypt's Western desert.

It will also become operator in Blocks 9 and 8 near the boundary with Cypriot waters.

"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," CEO Claudio Descalzi said in the statement.

Eni is focusing greater attention on its upstream business of looking for oil and gas and Africa is a core area.

Eni, the biggest foreign oil and gas group in Africa in terms of volumes, has been present in Egypt since 1954 and has a hydrocarbon equity production of about 220,000 barrels of oil equivalent per day.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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