Eni and Qatar Petroleum (QP) have signed an agreement that will see the Qatari national oil company acquire a 13.75 per cent share in the exploration blocks L11A, L11B and L12, in deep offshore Kenya
The L11A, L11B and L12 blocks are located in water depths ranging between 1,000 and 2,700 m, cover a total surface of about 15,000 sq km, and according to Eni, the blocks hold high exploration potential.
Eni and Total currently hold 55 per cent and 45 per cent interest share in the blocks respectively, with Eni acting as the operator. QP would acquire a 25 per cent interest share in each of the blocks, of which 13.75 per cent from Eni and the remaining from Total.
Accordingly, the composition of the joint venture should become Eni 41.25 per cent, Total 33.75 per cent and QP 25 per cent.
The proposed deal is pending subject to the approval of the Kenyan authorities.
This deal 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.