Nicosia – Eni has finalized a farm-in agreement with Total to acquire 50% Participating Interest of Block 11 Offshore Cyprus. The agreement, by which Total remains the Operator of the Block, has been approved by the Council of Ministers of the Republic of Cyprus. With this transaction Eni further reinforces its own position in the Country, acquiring the right of exploring an area of 2,215 square kilometers, nearby the “super giant” Zohr discovery in the Egyptian offshore. 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 held by the Country. The exploration well is expected to be drilled in the Block within 2017. (9colonne)
