Italy's Eni said Thursday that it has signed a sale and purchase agreement with Chevron for a 25-percent interest in LB11, LB12 and LB14 blocks, offshore Liberia.
The acquisition of the three offshore blocks, said Eni in a statement, is part of its strategy to expand in sub-saharan Africa.
All of the three offshore blocks are operated by Chevron, and they extend over 3,691 square miles (9,560 square kilometers) and are located on the shelf and continental slope of Liberia between 0 to 9,843 feet (0 to 3,000 meters) deep.
The joint venture – which will be in effect from Thursday, a spokesperson from Eni confirmed with Rigzone, comprises of Chevron (45%), Eni (25%) and Oranto (30%).
When asked about the value of the sale and purchase agreement, the spokesperson said that Eni was unable to comment due to a non-disclosure agreement that it had made with its partners.
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