Italian energy company Eni signed another cooperation agreement with Korea Gas Corporation (KOGAS) on Friday to further enhance their relationship, in particular the areas related to exploration, production and LNG, ‘Famagusta Gazette’ reports.
Eni issued a press release stating that the agreement will allow the companies to jointly pursue opportunities worldwide.
“The cooperation agreement confirms the success of Eni and Kogas’s partnership that so far has been involved in 5 upstream projects including Mozambique, Cyprus, Iraq, Indonesia and Timor Leste”, says the announcement.
Eni/KOGAS expects the cooperation agreement to facilitate the development of LNG of Area 4 in Mozambique and be ready to enter the development phase in 2015.
The consortium has been awarded exploration licenses in South Cyprus’ EEZ, namely in Blocs 2, 3 and 9. Eni has completed two seismic surveys, and is planning to drill six wells in the next 18 months.