Eni secures farm-in offshore Cyprus
Eni has finalized a farm-in agreement with Total to acquire 50% participating interest of block 11 offshore Cyprus.
The agreement, by which Total remains the operator of the block, has been approved by the Council of Ministers of the Republic of Cyprus. The block covers an area of 2,215 sq km (855.2 sq mi).
The rights onblock 11 were assigned by the Republic of Cyprus to Total in 2013 at the conclusion of the second international bid round. The exploration well is expected to be drilled in the block this year.
Eni says this agreement is part of its strategy to increase its exploration portfolio in theEastern Mediterranean Sea.
Through its subsidiary Eni Cyprus Ltd., the company holds exploration rights on blocks 9, 3, and 2 (Eni 80% and operator, Kogas 20%), which were awarded in the second round. In thethird competitive bid round, the company was selected as bidder for block 6 (Eni 50% and operator, Total 50%) and block 8 (Eni 100% and operator).