Italy’s Eni has finalised with Petrogal, a wholly owned subsidiary of the Portuguese company Galp Energia, the farm in agreement for the acquisition of a 70% stake and operatorship of the three permits off Portugal.
According to Eni’s press release, the permits are Gamba, Santola and Lavagante.
The agreement will guarantee the exploration rights for an unexplored area of 9,100 square kilometers in offshore Portugal.
The exploration permits were awarded to Petrogal in 2007 by the Portuguese State.
Eni says that the agreement is part of Eni’s strategy aimed at diversifying and expanding its exploration portfolio.
Eni recently started production of first oil from the West Hub Development Project in Block 15/06 in the Angolan Deep Offshore.