ABN – Rome-headquartered Eni (NYSE: E) has signed new concession agreements for two exploration blocks in the Egyptian Mediterranean.
Eni continues to strengthen its position in Egypt as it was also recently awarded the Southwest Meleiha Block.
The new exploration blocks, North Leil and Karawan, were both won as a result of the EGAS 2013 bid round.
Eni holds 100% equity in the North Leil block but only 50% equity in the Karawan block as the company partners with BP (LSE, NYSE: BP) on the project.
IEOC, Eni’s subsidiary, will operate the two blocks that are located in the deepwater offshore Mediterranean.
The company has had a presence in Egypt since 1954 and is the main producer of oil in the country.