ENI Sells a 13.75% Share in the Blocks L11A, L11B e L12, Deep Offshore Kenya, to Qatar Petroleum

Source Press Release
Company ENIQatar PetroleumTotal 
Tags Asset Deals, Deals, Upstream Activities
Date July 23, 2019

This is the last of a series of agreements recently inked with Qatar Petroleum, which further reinforces the continuously evolving strategic cooperation between the two companies.

Eni and  Qatar Petroleum (QP) today signed an agreement that will see the Qatari national oil company acquire a 13.75% share in the exploration blocks L11A, L11B and L12, in deep offshore Kenya. The proposed deal is pending subject to the approval of the Kenyan authorities.

Blocks L11A, L11B and L12 are located in water depths ranging between 1,000 and 2,700 metres, cover a total surface of about 15,000 square kilometres and hold high exploration potential. Eni and Total currently hold 55% and 45% interest share in the blocks respectively, with  Eni acting as the operator. QP would acquire25% interest share in each of the blocks, of which 13.75% from  Eni and the remaining from Total. Accordingly, the composition of the joint venture should become  Eni 41.25%, Total 33.75% and QP 25%.

This is the last of a series of agreements recently inked with Qatar Petroleum, which further reinforces the continuously evolving strategic cooperation between the two companies. Eni and  Qatar Petroleum are already partners in Oman, Mexico, Morocco and Mozambique.

Eni has been present in Kenya since 2014, through its subsidiary  Eni Kenya.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd