A Review of the Nigerian Energy Industry

Eni enters Liberia, acquires Chevron stake in deepwater block

02 August 2012, Sweetcrude, MONROVIA – ENI, the Italian energy giant, has acquired a 25% stake in three deep-water exploration blocks off Liberia from US supermajor Chevron.

The deal, on Thursday, marks Eni’s debut in Liberia.
The Milanese explorer secured the one-quarter stake in blocks LB 11, LB12 and LB14 in a sale and purchase agreement, with Chevron retaining a 45% operatorship stake and Nigeria’s Oranto Petroleum the remaining 30%.

Situated between twelve and 110 miles south of Monrovia, the trio extends over 9560 square kilometres on the shelf and continental slope of Liberia in water depths of up to 3000 metres.

The trio are believed to be on trend with Deep Cretaceous discoveries elsewhere in the West African Transform Margin such as Mozambique, Ghana and Suriname.

Chevron farmed into the trio, originally awarded to Oranto Petroleum, in 2010.

The Italian company already yields operated production of around 450,000 barrels of oil equivalent per day from Sub Saharan Africa through projects in Nigeria, Angola, Congo, Ghana, Gabon, Mozambique, Democratic Republic of Congo, Togo and Kenya.

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