Eni wins deepwater exploration block in Egypt

Italian multinational oil and gas company Eni through its wholly-owned subsidiary IEOC has won a deepwater exploration block (Block 9) in the Eastern Mediterranean of Egypt.

IEOC has acquired the new acreage, Block 9, in the EGAS 2012 International bidding round. Block 9 also called Shorouk Offshore is spread on an area of 3,765km² and is siutated in water depths ranging from 1,400m to 1,800m.

The asset acquisition is expected to strengthen Eni’s position in Egypt. Eni on an average has oil and natural gas equity production of nearly 234,000 barrels of oil equivalent per day in the country.

Eni through IEOC will be the operator of the block with 100% interest.