Eni Inks Exploration Deal with ONGC

Eni and ONGC signed a memorandum of understanding establishing mutual cooperation between the companies aimed at finding new exploration and production opportunities.

The agreement follows Eni's recent entry in India with the award of two operated exploration blocks (Block 8 and Block D-6, awarded in July 2005) respectively located onshore Rajasthan, and deepwater in the Indian Ocean, some 130 km west of the Andaman Islands. Under the agreement, the companies will exchange information on a range of deepwater exploration opportunities in India and in other countries, with a view to exchanging equity interests in selected upstream and midstream projects.

"This agreement will speed up development of our activities in India, a country we consider as high-potential exploration area, through cooperation with a highly reputable international partner", said Paolo Scaroni, CEO of Eni. "The cooperation between Eni and ONGC will provide the Indian company international expansion opportunities and access to deepwater technological know-how developed by Eni in challenging operating environments".