Italy’s Eni has been awarded three frontier exploration blocks offshore the Republic of Cyprus.
The state-owned operator signed Exploration and Production Sharing Contracts with the republic’s Ministry of Commerce, Industry and Tourism for Blocks 2, 3 and 9 located in the deepwater Levantine basin. The licences cover a total area of 12,530 sq km, and is Eni’s first foray into the Cyprus offshore sector.
The Italian company is the lead operator of a consortium in which it holds an 80% stake, with its partner being the Korean company Kogas (20%). The blocks were awarded following the Cyprus 2nd Offshore Licensing Round, completed in May last year.
The Levantine Basin has produced some major deepwater gas finds in recent times, including Noble Energy’s Aphrodite discovery offshore Cyprus, and the same operator’s giant Leviathan and Tamar discoveries offshore neighbouring Israel.
Eni said that the awards are 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”.
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