Eni Completes Cyprus Block 11 Farm-In
Eni said March 7 it has finalised a farm-in whereby it acquires a 50% stake in Total-operated block 11 offshore Cyprus (previously 100% Total).
The agreement, by which Total remains the operator, has been approved by the Cyprus council of ministers, said Eni: "With this transaction Eni further reinforces its own position in the country, acquiring the right of exploring an area of 2,215km2, nearby the “super giant” Zohr discovery offshore Egypt."
Eni map showing its Cyprus licences and the Zohr field offshore Egypt (Map credit: Eni/Twitter)
Rights on block 11 were assigned by the Republic of Cyprus to Total in 2013 at the conclusion of the country's 2nd international bid round. Eni said an exploration well is expected to be drilled on the block this year, which concurs with what Total has been saying.
Eni has exploration rights on Blocks 9, 3 and 2 as operator with 80%, partnered by South Korean state Kogas 20%; the three blocks were awarded in the second round. Eni was also chosen in the third competitive bid round, as selected bidder for block 6 (Eni 50% as operator, Total 50%) and block 8 (Eni operator with 100%). In the same round, block 10 went to US ExxonMobil and Qatar Petroleum.
Map showing allocation of all Cyprus offshore licences as at March 7 2017 (Map credit: Cypriot government)