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Eni to Buy 25% Stake in Pakistani Offshore Exploration Block

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Eni to Buy 25% Stake in Pakistani Offshore Exploration Block

Eni SpA, Italy's biggest energy company by market value, Thursday said it has agreed to buy and operate a 25% stake in an exploration license in an offshore block in Pakistan.

Eni will be part of a joint venture of four companies managing the block: two Pakistani state companies--OGDCL and PPL--and United Energy Pakistan Ltd. Each company has a 25% stake.

In a statement, Eni said the purchase is in the Indus Block G license.

Eni didn't provide any financial details of the deal. The Italian company, which has been present in Pakistan since 2000, has a daily production of about 58,000 barrels of oil equivalent in the Asian country.

Copyright (c) 2012 Dow Jones & Company, Inc.

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