Eni buys 40% stake in Sasol field offshore South Africa

June 10, 2014 | Farm In, South Africa

San Donato Milanese, Italy – Italian multinational oil major, Eni has concluded an agreement with Sasol Petroleum International,  the upstream O&G subsidiary of Sasol Limited, to acquire a 40% interest and operatorship in the Exploration Right permit 236 (ER236) in South Africa, the Italian company announced Tuesday.

The permit grants the right to explore for hydrocarbons on a wide offshore unexplored area of 82,000 sq km on South Africa’s east coast, Kwazulu-Natal province. The permit was granted to Sasol by the South African regulator Petroleum Agency of South Africa (PASA) in late 2013.

According to Eni, the agreement reinforces the company’s position on the East Africa coast, where it is already present with exploration activities in Mozambique and in Kenya.

The farm-in agreement forms part of a wider cooperation between Sasol and Eni in Southern Africa and other areas, mainly focused on maximizing opportunities in the gas value chain, Eni added.