Italian oil company Eni has acquired a 50 percent participating interest in Block 11, offshore Cyprus, from the French oil major Total.
Eni said on Tuesday that it finalized the farm-in agreement with Total and that the French company will remain the operator of the block.
The company added that the agreement had been approved by the Council of Ministers of the Republic of Cyprus.
With this transaction, Eni has gained the right to explore an area of 2,215 square kilometers near the giant Zohr discovery off Egypt.
The rights on Block 11 were assigned by the Republic of Cyprus to Total back in 2013 at the conclusion of the second international bid round. An exploration well within the block is expected to be drilled during 2017.
According to Eni, this agreement is part of the company’s strategy aimed at increasing its exploration portfolio in the strategic area of the Eastern Mediterranean Sea.
Eni has been present in Cyprus since 2013 through its subsidiary Eni Cyprus Ltd and holds exploration rights on Blocks 9, 3,2 (Eni 80% Op., Kogas 20%) awarded in the second round. Eni has also been chosen, in the third competitive bid round, as selected bidder for Block 6 (Eni 50% Op.,Total 50%) and Block 8 (Eni 100% Op.).