facebook
twitter
rss
account
search
search
 

Eni enters Liberian waters

Aug. 3, 2012 at 6:01 AM   |   Comments

MILAN, Italy, Aug. 3 (UPI) -- Italian energy company Eni announced it took a minority interest in three blocks off the coast of Liberia.

Eni said it was expanding its exploration position in West Africa with a sale and purchase agreement with Chevron. Eni, under the terms of the deal, takes on a 25 percent stake in three blocks operated by Chevron off the coast of Liberia.

The blocks cover an area of about 3,690 square miles in waters ranging from shallow to deep. Financial terms and reserve potential weren't disclosed.

Chevron in 2010 announced that it received approval from the Liberian government to take control of a 70 percent interest in three deep-water concessions.

Liberian President Ellen Johnson Sirleaf, in a speech sponsored by Chevron in April in Houston, that Liberia encouraging investments in the oil and natural gas sector.

Sirleaf said more than $16 billion was invested in natural resources such as oil in the past six years.

Jonathan Gant, a policy adviser with Global Witness, said oil discoveries could bring much-needed revenue for the West African country.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Hershey's new logo launched, compared to emoji poop
2
The 'Home of the Whopper' to keep headquarters in U.S.
3
Canadian media must broadcast official emergency notifications
4
France receives upgraded aerial tanker
5
Kurds raise oil funds for refugees
Trending News
Video
x
Feedback