Eni and ONGC Swap Stakes in Exploration Blocks

Today in Mumbai, India, Eni signed an agreement with India's oil company ONGC for a swap of interests in exploration blocks located in India and Congo-Brazzaville. With this agreement Eni reinforces its presence in India while strengthening its cooperation with India's main oil and gas company.

Through this agreement Eni acquires a 34% interest in the MN-DWN-2002/1 block, located off the coast of Eastern India, with an area of approximately 10,000 square km and a maximum water depth of more than 2,000 meters. The MN-DWN-2002/1 block lies in an area with high exploration potential area where significant oil and gas discoveries have already been made.

Eni will contribute in this new partnership with its exploration experience and leading edge technology developed through its international deepwater operations.

In addition, ONGC has acquired from Eni a 20% interest in the MTPN exploration block, operated by Eni and located off the coast of Congo-Brazzaville, where Eni has been present since 1968.

Eni has had a presence in India since 2005, and is the operator of two exploration blocks: one onshore in Rajasthan (RJ-ONN-2003/1 - Eni India 34% operator, ONGC 36% and Cairn Exploration 30%) and the second off the coast of the Andamane Islands (AN-DWN-2003/2 - Eni India 40% operator, ONGC 45% and Gail 15%). Both blocks are in the exploration phase and a seismic acquisition campaign is currently being carried out.

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