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Eni Signs Exploration Agreement in Congo

Source: www.gulfoilandgas.com 4/14/2007, Location: Africa

Eni signed today the Assignment Agreement for the exploration licence "Marine XII" in Brazzaville, Congo, with Congolese Minister of State-Minister of Hydrocarbons and Minister of Economy Finance and Budget. Minister of Energy and Waters was also present. The area extends for 1,103 square km and is located 15 km off the Congolese coast at a water depth ranging from 20 to 50 metres.

As part of the agreement Eni will be the operator of the licence with a 90%-stake, in partnership with Société Nationale des Pétroles du Congo (SNPC), which holds the remaining 10%. The signing of the agreement also enables the start of the exploration campaign through a 3D seismic survey.

"Marine XII" has proven reserves and significant potential for gas and condensates. Eni is committed to developing this potential through an integrated project for the valorisation of gas. This includes the construction of a 300/450-MW power-generating plant to be built near the Djeno terminal, as stipulated in the Protocole d'Accord signed on 17 May 2006. This project is part of Eni's sustainability strategy and contributes to enhancing the power and reliability of the local electrical system, a condition necessary for the industrial and social development of the Country.

Eni has been present with exploration and production activities in Congo since 1968, with an overall investment amounting about $4 billion. Eni's daily equity production totals 67,000 barrels of oil equivalent (boe).

The "Marine XII" agreement and the recent acquisition of the M'Boundi field represent further progress in Eni's growth in Congo and reinforces the company's ongoing commitment to securing new business opportunities through the exploitation of its successful, long-lasting expertise.

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