Eni to be assigned exploration licence and operatorship in Angolan deepwater

Source: www.gulfoilandgas.com 5/17/2006, Location: Africa

Eni has been selected to be assigned a 35% participating interest and operatorship of the Block 15 exploration area in deepwater offshore Angola, about 350 kilometres from Luanda. The Block 15 exploration area is known to be highly prospective and there was a high level of competition to enter the acreage. A total of fourteen bids were received for the Block and Eni is one of seven companies expected to form the joint venture, which will advance the exploration and development work programme in the area.

The Block award will provide Eni with access to significant new reserves, and the Operatorship will allow the Company to leverage on the deepwater experience it has gained through its participation in the adjacent, prolific Block 15 production area (where it holds a 20% interest). This success will also mark a step change in Eni's business presence in the country, improving its ability to capture new investment opportunities and to exploit local operating synergies.

The award will reinforce Eni’s commitment to deepwater developments. The technological complexity of these frontier projects requires specific skills and expertise that are key factors in the Company’s success.

This is a significant win for Eni’s growth in exploration and production. Angola, together with Algeria, Egypt, Libya, Nigeria and Kazakhstan is one of the world’s fastest growing oil producing countries. Eni has identified these countries as strategic for its future growth in oil production.

A strong presence in Angola also represents an important step in Eni’s strategy to grow its presence in Portuguese speaking countries, capitalising on the expertise and knowledge of Galp, the Portuguese oil and gas company in which Eni holds a controlling stake.


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