Eni sells a share in deep offshore Kenya blocks

Source: press release, 23 July 2019

photo: Eni
photo: Eni

Eni and Qatar Petroleum (QP) have 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 acquire 25% 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 Eni 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.