Eni and QP signed an agreement to enter 3 exploration blocks in Kenya
Eni and Qatar Petroleum (QP) signed an agreement that will see the Qatari national oil company acquire a 13.75% share in the exploration blocks L11A, L11B and L12, in deep offshore Kenya. The proposed deal is pending subject to the approval of the Kenyan authorities.
Blocks L11A, L11B and L12 are located in water depths ranging between 1,000 and 2,700 metres, cover a total surface of about 15,000 square kilometres and hold high exploration potential. Eni and Total currently hold 55% and 45% interest share in the blocks respectively, with Eni acting as the operator. QP would acquire 25% interest share in each of the blocks, of which 13.75% from Eni and the remaining from Total. Accordingly, the composition of the joint venture should become Eni 41.25%, Total 33.75% and QP 25%.
This is the last of a series of agreements recently inked with Qatar Petroleum, which further reinforces the continuously evolving strategic cooperation between the two companies. Eni and Qatar Petroleum are already partners in Oman, Mexico, Morocco and Mozambique. Eni has been present in Kenya since 2014, through its subsidiary Eni Kenya.
Commenting on this occasion, H.E. Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and President & CEO of Qatar Petroleum, said: “We are pleased to sign this agreement to participate in exploring these frontier offshore areas in Kenya and to further strengthen our presence in Africa.” H.E. Al-Kaabi also added: “We hope that the exploration efforts are successful, and we look forward to collaborating with our valuable partners Eni and Total, and the government of Kenya in these blocks. I would like to take this opportunity to thank the Kenyan authorities and our partners for their ongoing and continued support.”