Italy's Eni announced Thursday that it has been awarded three offshore exploration blocks in the Republic of Cyprus. The firm said it has now signed exploration and production contracts with Cyprus’s Ministry of Commerce, Industry and Tourism for Blocks 2, 3 and 9, which are located in the Cypriot deep offshore portion of the Levantine Basin.
Eni was awarded the three blocks, which cover an area of around 4,800 square miles, after leading a consortium of it and Korean company Kogas. Eni is operator, with an 80-percent share in the licenses, while Kogas holds the remaining 20 percent.
Eni said that the awards, which mark its entry into Cyprus, are of significant importance for the consolidation of its position in the Mediterranean region – which it regards as a strategic area in its exploration and production portfolio.
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