Italy’s energy giant Eni has expanded its African oil and gas portfolio with a new block off the coast of The Gambia.
While disclosing the award of the exploration Block A1 in The Gambia, Eni confirmed the signing of a petroleum exploration, development, and production license agreement with the country’s government, represented by Nani Juwara , Minister of Energy and Petroleum.
“Eni’s entry into The Gambia is in line with the company’s exploration strategy focused on building a geographically diversified portfolio which includes opportunities in proven but still underexplored and emerging areas and frontier ones with high potential,” emphasized the Italian giant.
The Block A1 covers an area of 1,300 square kilometers in water depths ranging from 1,250 to 3,300 meters. The firm elaborates that this block is located in a region of the Atlantic margin with proven hydrocarbon discoveries.
Eni is actively working on augmenting its oil and gas arsenal, with new project milestones, deals, and partnerships, including the establishm ent of Searah, a 50/50 independent joint venture with Petronas that combines 19 gas-producing and development assets in Malaysia and Indonesia.