Eni acquires fresh Cyprus shareholding

Cyprus

MILAN, March 7, 2017 – Eni on Tuesday concluded a farm-in deal with Total for a 50% participating interest in Cyprus’ Block 11.

The French major will continue in its role as operator of the offshore asset, which is located in proximity to the super-giant Zohr discovery in Egyptian waters.

The farm-in agreement, green-lit by the Council of Ministers of the Republic of Cyprus, further expands Eni’s footprint in the Eastern Mediterranean.

In the second Cyprus bidding round, Eni landed explorations rights for Blocks 9,3 and 2, together with partner Korea Gas Corporation (20%).

The Italian major came out as selected bidder for Block 6 and Block 8 in the third round, which ended in late December 2016.

The first exploration well in Block 11 will be drilled before the end of 2017.

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