Italy’s oil and gas company Eni today signed Exploration and Production Sharing Contracts with the Ministry of Commerce, Industry and Tourism of the Republic of Cyprus, for Blocks 2, 3 and 9 located in the Cypriot deep offshore portion of the Levantine basin, which encompass an area of around 12,530 square kilometres, thus marking the entry of Eni in the country.
Eni was awarded the three blocks whilst leading a consortium formed by Eni (80%, as operator) and the Korean company Kogas (20%) in an international competitive tender (Cyprus 2nd Offshore Licensing Round) which was completed in May 2012.
The oil & gas industry recently shown significant attention to the Levantine Basin as it is one of the newest exploration frontiers with giant gas potential.
This result is of significant importance for the consolidation of Eni’s position in the Mediterranean Region, which is a strategic area in the company’s exploration and production portfolio.
[mappress] January 23, 2013