ENI and ONGC signs Co-operation Agreement

Source: www.gulfoilandgas.com 2/20/2007, Location: Asia

ENI and ONGC have signed two parallel agreements in for the swap of participating interests in exploration blocks located in India and Congo Brazzaville.

Though the first Agreement, Eni acquires a 34% participating interest in the deep water block MN-DWN-2002/1, located in the Indian eastern offshore, with acreage of approx 10000 sq km and water depth going in excess of 2000 meters. This block lies in an area with high exploration potential. ONGC has recently confirmed the discovery of commercial reserves of gas in Mahanadi, off the coast of Orissa. This agreement would provide the company with a collaborative partnership to meet technological challenges in the area.

ENI will apply, in this new partnership, the exploration experience and leading edge technology it has developed from its other international deepwater operations.

The agreement also foresees the potential for a Joint Operatorship between ENI and ONGC in the development phase. With this agreement, ENI reinforces its presence in India and its collaboration with ONGC.

Through the second agreement, OVL has acquired from ENI a 20% participating interest in the MTPN exploration block, operated by ENI, located in the deep water offshore of Congo Brazziville, an area where ENI has a long lasting presence. The block is situated in known petroliferous lower Congo Basin where substantial discoveries have already been made.Eni has already discovered oil & gas in this block. ENI, at present, is operating the block with Exxon Mobil as the other partner.


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