Italian explorer ENI has concluded an agreement with Qatar Petroleum (QP) that will see the Qatari national hydrocarbon 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%.
ENI has been present in Kenya since 2014, through its subsidiary ENI Kenya, but has not drilled a single well on the blocks.