Eni to explore opportunities offshore Congo

Company granted permission for three offshore basins.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   July 21, 2014 at 8:30 AM
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BRAZZAVILLE, Republic of the Congo, July 21 (UPI) -- An agreement with the Republic of Congo opens the door for more offshore exploration, Italian energy company Eni declared.

Eni Chief Executive Officer Claudio Descalzi signed an agreement with the Congolese government in Brazzaville to pursue new initiatives in an area ranging from the coast to deep offshore waters.

Eni produced around 120,000 barrels of oil equivalent in the Congo last year. The company said the Republic of Congo is a strategic asset, and the new arrangement allows for it to continue with enhanced development activity in the Congolese basins.

Permission for three offshore areas -- Madingo, Marine and Marine VI VII -- was granted in late 2013. Eni has been operating in the Republic of Congo since 1968.

Advocacy group Global Witness said it's frustrated with how the government of the Republic of Congo manages its oil wealth.

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