Italian oil company Eni has signed two exploration and production agreements (EPA) with the government of Lebanon covering Blocks 4 and 9, located in the deep waters offshore Lebanon.
As previously reported by Offshore Energy Today, the blocks were awarded late last year to a consortium comprising of Eni, Total, and Novatek as part of Lebanon’s much-delayed first international competitive offshore licensing round launched by Lebanese Petroleum Authority.
Total is the operator with a 40% stake, Eni got a 40% interest and Novatek the remaining 20% interest.
Announcing the signing of the EPA, Eni said on Friday, “The agreements open the way for the exploration of the offshore of Lebanon and further strengthen the company’s presence in the Eastern Mediterranean, where the company operates exploration and production activities in Egypt and exploration activities in Cyprus.”
The exploration phase starts following the signing of the EPA and it will last up to five years with the possibility of having a one-year extension. The ultimate goal of the exploration phase is to strike a commercial discovery.
Offshore Energy Today Staff