Eni Enters Offshore Market in South Africa

Posted by Joseph Keefe
Tuesday, June 10, 2014

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.


Editing by Lisa Jucca

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