Eni Enters Offshore Exploration Right Permit In South Africa

Reuters

MILAN, June 10 (Reuters) - Eni has agreed to buy a 40 percent interest in an exploration permit granting rights to explore an offshore area of 82,000 square kilometres off South Africa's east coast for hydrocarbons, the Italian oil and gas group said on Tuesday.

Eni sealed the deal with Sasol Petroleum International, the upstream oil and gas subsidiary of Sasol Limited, it said in a statement without disclosing any financial details.

Sasol had been granted the permit by the Petroleum Agency of South Africa (PASA) in late 2013 and the accord is subject to government approval.

The deal "reinforces Eni's position on the East Africa coast, where Eni is already present with exploration activities in Mozambique and in Kenya," the group said in a statement.

(Reporting by Valentina Za; Editing by Lisa Jucca)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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